Junior Achievement Junior Achievement 2.12.1

““The Business of Business”The Business of Business”

Let’s review the terms you Let’s review the terms you learned from the last learned from the last lesson.lesson.

Goods:Goods: Objects that satisfy people’s wantsObjects that satisfy people’s wants Services:Services: Actions that can satisfy people’s wantsActions that can satisfy people’s wants Consumer:Consumer: A person who purchases a good or A person who purchases a good or

serviceservice

Producer:Producer: A person who provides goods or performs A person who provides goods or performs

services for others.services for others. Business:Business: A company that makes and/or sells goods or A company that makes and/or sells goods or

provides services to consumersprovides services to consumers Competition:Competition: When two or more businesses try to win the When two or more businesses try to win the

same customerssame customers Mission Statement:Mission Statement: A brief description of a company’s core A brief description of a company’s core

purposepurpose

Free Enterprise SystemFree Enterprise System

““The greatest power The greatest power that a person that a person

possesses is the possesses is the power to choose.”power to choose.”

- J. Martin Kohe- J. Martin Kohe

Do you agree with Do you agree with that statement? Why that statement? Why

or why not?or why not?

Please write your response in your Please write your response in your Daily Writing Prompt.Daily Writing Prompt.

ChoiceChoice Making choices plays an important role in Making choices plays an important role in

the world of business.the world of business.

But what is “choice”?But what is “choice”?

Choice is the selection of Choice is the selection of one alternative instead of one alternative instead of

another.another.

What does “alternative” What does “alternative” mean?mean?

““Alternative” is an option Alternative” is an option you have when you make a you have when you make a

decision. decision.

Choice is a key element Choice is a key element of free enterprise.of free enterprise.

Free Enterprise means that Free Enterprise means that people who own businesses people who own businesses

can compete with each can compete with each other to make a profit other to make a profit

(money).(money).

The “free” part means that The “free” part means that our government can’t make our government can’t make too many laws to limit the too many laws to limit the freedoms of business.freedoms of business.

What would happen if What would happen if people couldn’t start their people couldn’t start their

own businesses?own businesses?

What are the benefits of What are the benefits of choices (what we buy and choices (what we buy and

where we buy it)?where we buy it)?

How would our lives change How would our lives change if companies didn’t compete if companies didn’t compete

for our business?for our business?

How do people benefit from How do people benefit from business competition?business competition?

How would your life How would your life change if you had a job?change if you had a job?

What would happen if we no What would happen if we no longer had money to spend?longer had money to spend?

These are questions to These are questions to consider.consider.