Grade 10 Lesson 1 background of Business

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BACKGROUND OF
BUSINESS
CHAPTER 1

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BASIC CONCEPTS ABOUT BUSINESS

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Limitation of barter system
• 01. Double Coincidence of Wants (Both Parties agree to sell/ buy each others
commodities
• Lack of a Standard Unit of Account

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Things Used As Money Before There Was
Money
Cows
Stones
Gold
Shells
Blankets
Rice
Copper
Fish
Barley
Salts
Beads
Tea leaves
Decorated belts
Silver

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BUSINESS CONCEPT

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“…An economic activity which manufactures or provides
different goods and services in order to fulfill human needs
...”
A business is

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Examples for Businesses

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Business objectives
• Earning profits
• Increase customer satisfaction
• increasing quality of goods and services
• generating employment opportunities
• Employee welfare

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NEEDS
Things that
man should
necessarily
satisfy in
order to exist
FOOD
CLOTHS
HOUSE
EDUCATION
COMMUNICATIONEALTH
SECURITY
TRANSPORTATION
RNTERTAINTMENT

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WANTS

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NEED WANTS
FOOD
SHELTON
CLOTHES

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NEED WANTS
EDUCATION
TRANSPORT
COMMUNICATION

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NEED WANTS
Entertainment
health

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Manufacturing Businesses

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Businesses that produces
goods/commodity manufacturing
The establishments which produce commodities required to satisfy need and wants people.

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Service providing businesses
Any activity or a process rendered to consumers by a business in order to fulfill their needs and wants

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FACTORS OF PRODUCTION

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Factors of Production
.
Resources
required to
produce goods
and services
Land
Labour entrepreneu
rship
Capital

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Land

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Labour

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Capital

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entrepreneurship

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Summary
1.1 Business Concept
A business is an economic activity which manufactures or provides different goods and services in order to
fulfill human needs. The resources uses for this process is called as factors of production
1.2 Business
• Commodity manufacturing Business
• Service Providing Business
1.3 Factors of Production
• Land, Labour, Capital, Entreprenuership

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