Download BBI 2O 1.2 What is Business

BBI 2O
WHAT IS BUSINESS?
Name:
Business means producers selling goods and services to consumers.
Producers are companies that make the goods and provide the services
Goods are physical objects like a car, book, banana, or a piece of metal used by a factory.
Services are actions like cutting hair, drilling teeth, mowing a lawn, providing legal advice.
Consumers are people or companies that buy the goods and services.
Classify each of the following as a company, good, or service:
Can of pop
Pedicure
Motorcycle
GM
Concert
TTC
Nike
Investment Advice
Aluminum
CIBC
Cup of coffee
Paper
Jacket
Surgery
Samsung
Driving a bus
Shoe repair
Starbucks
Rogers
Tutoring
Candy
List three examples of a company, a good, and a service other than those listed above.
Identify the producer and the consumer of each situation:
Mike goes to the optometrist for contacts
Holy Chuck serves burgers to a group of students
A & F receives a shipment of jeans from a supplier
Bluenotes sells Jen a pair of jeans
List five situations other than those above and identify the producer and consumer.
Interdependence in a business setting means that conumers and producers need each other. Consumers need
producers to provide a good or service and producers need consumers to buy the goods and services.
Manufacturers are companies that make a good, like Kelloggs, Nike, Coke
Suppliers are companies that provide a good or service to consumers, like No Frills, Al’s Barbershop, Foot Locker
Classify each of the following companies as manufacturers or suppliers:
Pepsi
Shoppers Drug Mart
Holt Renfrew
Nintendo
Mac’s Milk
TD
Calvin Klein
Metro
Cadillac
Smith Law Firm
Kraft
BMW
Ford Dealership
Crest
Vans
Toys R Us
AMC Theatre
Beats
List five manufacturers and five suppliers other than those in the previous group.
A consumer market is made up of all the people who use a product or service, like buying a pack of gum or riding a taxi.
A business-to-business market is made up of all the companies that buy and sell products to each other, like a farmer
selling corn to a grocery store, or a clothing manufacturer selling clothes to Walmart.
Demand represents the consumer side of a market.
Classify each of the following as a consumer markets or a business-to-business market:
Having a meal at Joey’s
Maybelline selling cosmetics to Sephora
Taking an Air Canada flight
Buying a car online
Ralph Lauren shipping clothes to The Bay
Farmers providing chicken for Popeye’s
List five consumer markets and five business-to-business markets other than those listed above.