Topic 1: NATURE OF BUSINESS

Chapter 1: ROLE OF BUSINESS

QUESTION

► How does a business create job opportunities for the community? (4 marks)

Activity: Innovation

In pairs, you are going to share an idea for an innovative product with the class.

Complete the following questions:

1. Identify emerging trends (e.g. future tech) in the market

2. Identify which products/businesses are in decline
3. Describe your new business product/idea and identify what need or problem it will
address
4. Create a name for your product/business
5. Who are your current competitors?
6. How is your idea different from competitors?
7. Who are your customers?

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QUESTION
Discuss the phrase ‘Businesses play a very important role in society’. 4 marks

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Group work:

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► TASK: Locate a newspaper article about businesses.

- Name of business:

- Year founded:

- CEO and main executive board:

- Main role of the business and goods/services provided:

- What need/want does this business satisfy:

► Identify how the article relates to the following terms:

• Profit

• Employment

• Incomes

• Choice

• Innovation

• Entrepreneurship and risk

• Wealth and quality of life

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