Topic 1 - Role of Business in Society
Topic 1 - Role of Business in Society
N5 Business Management
1
Learning Intentions / Success Criteria
Learning Intentions
The role of business in society
Success Criteria
By end of this topic you will be able to: ? explain how businesses satisfy
human wants and create wealth ? explain how businesses operate in
different sectors of industry ? describe the different sectors of the
economy.
2
Human Needs and Human Wants
? Needs are essential for us to be able to live and include water, clothing, food and shelter.
? Wants are things that we would like to have, but can live without.
? We can live without a mobile phone, television and holidays, but we couldn't live without food or water.
3
Roles of Businesses
? Produce goods and services to help us satisfy our needs and wants.
? To make a profit ? some of the profit is re-invested back into the business to expand, pay debts, buy more stock, etc.
? Develop ideas - to improve and/or produce new products and services.
? Fill a gap in the market to increase profit and have a larger number of customers compared to their competitors.
4
Goods (Tangible)
? Goods are things we can see, touch and pick up (tangible).
? Examples of goods are DVDs, a chocolate bar, clothes and a newspaper.
? Some goods are durable (can be used more than once) such as a washing machine, whereas some are non-durable (can't be used more than once) such as a plaster.
5
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