Purpose and Functions of Business

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  • Purpose of a business
  • The purpose of a business is to fulfill the needs and wants of consumers
  • Needs and wants
  • Wants-are not necessary for our survival but add pleasure and comfort to our lives. An example would be a phone or a soda.
  • Needs-are things that are necessary for survival.Like food and water.
  • Consumer
  • A consumer is someone who uses goods or servises.
  • Products
  • Products are physical goods or services that can satisfy consumer needs.
  • Goods and services
  • Goods are like clothing and cars and computers. 
  • Services are like a hairdresser, dry cleaner, and lawn care.
  • Profit motive
  • Profit motive-desire to make money;see the opportunity to make money in the market place.
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