Understand what a business is and why they exist

Understand businesses as systems

Understand the basic characteristics of systems

Understand different forms of business ownership

Understand advantages and disadvantages of different forms of business ownership

LESSON 1

Objectives

Advanced Organizer Question

Before you begin, take a moment to write down the reasons that you think business exists.

Business Defined

Businesses are organizations that take in resources and increase values of those resources for customers at a profit

Operate much like business

Can exist if revenue and cost are equal

Social objectives rather then profit

Non-Profit Organizations

Would you consider the local telephone company to be a business?

Yes

No

Review Questions