Unit 1: Business Activity | Purpose of business activity

A business is any organisation that uses resources to meet the needs of customers by providing a product or service that they demand. Without business activity, we would all still be entirely dependent on the goods that we could make or grow ourselves. Business activity allow us to enjoy a very much higher standard of living that would be possible if we remained entirely self-sufficient.

The goods and services can be classified in several ways:
Consumer goods → the physical and tangible goods sold to the general public - they can be durable and non-durable.
Consumer services → the non-tangible products sold to the general public.
Capital goods → the physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.

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