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PURPOSE OF A BUSINESS.
Need This is a good / service essential for living (water, clothing for warmth, protection, food, some
form of housing, shelter etc.)
Want This is a good / service which people want, but it is not essential for living. The fact that
The business run by private owners will often be run so it can make profits. The owners will take a share
of these profits. Although making as much profit as possible is usually the main aim, it can be
dangerous to become huge, because competitors may arise, people may stop…
when they decide on the best objectives for their businesses. Managers also have to be prepared to
change their objectives over time.
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