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Companies thrive on competition, the contest between businesses to win customers. Competition and profit motivate businesses to continually strive to find new ways to satisfy customers. Key Concepts • How to Define Business • Business Activities • Business and You On a chart like the one below, list the six activities businesses undertake when developing products or services. com for a printable graphic organizer. 2 Business Activities 11 How to Define Business Think about the types of businesses in your community and the activities they do to sell their products and services.

Key Concepts • Wants and Needs Drive the Economy • How Resources Limit the Ability to Satisfy Wants and Needs • Making the Most of Your Resources Graphic Organizer On a chart like this, list things you want in the WANTS column and things you need in the NEEDS column. com for a printable graphic organizer. com Wants and Needs Drive the Economy Every day you make decisions about how to spend your money. Suppose you have $10. You could use it to buy lunch or to go to a movie. Which of these things do you want, and which do you need?

Questions in the Review Key Concepts activity will review your comprehension. xxx 6. List the activities businesses undertake when developing products and services. 7. Explain how business impacts you and how you impact business. 16 Chapter 1 8. Explain how your wants and needs have changed over the years. How do you think they will change as you get older? 9. Consider the resources that you have that are limited and those that are plentiful. How do you decide to use your resources to get the things you want and need?

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