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Understanding Businesses in the Economy

Explore the four kinds of businesses - Extractors and Manufacturers. Learn about extracting natural resources like raw materials and the process of creating products. Examples include miners, farmers, and more.

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Understanding Businesses in the Economy

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  1. Business in our Economy

  2. Four Kinds of Businesses
  3. Extractors Natural Products and Raw Materials - Ready for Sale - Many need Processing and Change Examples: Miners, Oilers, Fisherman, Farmers
  4. Manufacturer Manufacturers can create products in a number of ways. Satisfy the Needs and Wants of customers.
  5. Custom Manufacturing Building specific and unique products to meet the needs of a specific customer. Mass Production Building a large quantity of identical products using a continuous and efficient procedure. Processing Changes the form of materials so they can be consumed or used to manufacturer other products.
  6. Marketers Marketing can be categorized in 9 different functions Purchasing Pricing Marketing Information Management Risk Management Product/Service Planning Financing Promotion Distribution Selling
  7. Service Business Service Businesses can provide support to individuals and businesses. They perform the work that you do not want to undertake. Examples: Oil Change, Movers, Distribution Companies, Marketing Firms, Training Employees, Child Care, etc…
  8. Business Activities Generating Ideas Raising Capital Purchasing Goods and Services Human Resources Marketing Goods and Services Producing Goods and Services Keeping Records (Accounting)
  9. Name of Business How do new businesses affect the community?
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