Businesses supply goods or services
- Businesses sell products to customers who are willing to pay for them. They can be in the form of goods or services, necessities or luxuries.
- Goods - Physical items such as books, furniture, etc.
- Services - Actions performed by other people to aid the customer such as travel agents, hairdressers, etc.
- Necessities - Goods or services you need such as gas, electricity, etc.
- Luxuries - Things you want but you don't need such as holidays or jewellery.
Advantages to owning a business
- Businesses need to make a profit - their revenue needs to be higher than their expenditure.
- Starting a business is risky but people could make big financial rewards from it.
- A business owner could make…