Business Studies·The nature & purpose of business · NSSCO 1.1
The purpose of business & the five types of business
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Every single day you use things made by businesses — the bread you eat, the phone you call on, the taxi you ride in, the shop you buy from. But what exactly is a business for, and why does anyone bother to provide these things? In this first lesson we build a clear picture of the purpose of business — satisfying needs and wants, adding value and making a profit — then meet the five basic types of business (primary, manufacturing, wholesale, retail and service) and learn exactly how they differ, using everyday Namibian examples.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 1.1):
- Describe the purpose of business activity
- Explain how businesses respond to the needs of the community
- List five basic types of businesses (primary, manufacturing, wholesale, retail and service)
- Explain the differences between these types of businesses
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