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BUSINESS IN THE US ECONOMY Impact on Community Business Pays Wages to Workers More $$$ in the Community Business Buy Goods & Services From Other Businesses More Employees Hired Housing Automobiles Food Brings More Businesses to Give MORE $$$$ to the Community Entertainment Business Activities Generating Ideas – Businesses begins with a new idea Raising Capital – Businesses needs financial resources to operate Employing & Training Personnel – Businesses needs human resources Business Activities Cont. Buying Goods & Services – Businesses needs goods to sell as well as for their own operations Marketing Goods & Services – Businesses must get customers Maintaining Business Records – Businesses must have some type of recordkeeping system Types of Businesses - Producers Producers – Create the products and services by individuals and other businesses Extractor – Business that takes resources from nature for direct consumption or for use in developing other products (Ex. Pump oil, mine coal) Farmers – cultivate land and use other natural resources to grow crops and raise livestock for consumption Types of Businesses - Manufacturers Gets supplies from other producers and converts them into products Sell products to consumers AND other businesses Types of Businesses - Intermediaries Businesses involved in selling goods and services of producers to consumers and other businesses Retailers Wholesales Types of Businesses - Service Carries out activities that are consumed by it customers No products Fastest growing part of the economy 60% of all US is in service-producing businesses