Business is the act of providing goods and services in return for money. For example, a restaurant provides food to paying customers.
We will
learn more about needs and wants in chapter 1
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• Goods are physical items that satisfy a need or want (e.g. toothpaste, a car, a mobile phone).
• Services are non-physical items that satisfy a need or want (e.g. plumbing, car repairs and broadband access).
Goods and services can be sold by a business to consumers (B2C) or business to business (B2B).
THE EVOLUTION OF MONEY We will
learn more about credit cards and debit cards in chapter 6
GO
When we think of money, we generally think of cash: the notes and coins that we use day to day. In fact, money is anything that is accepted as payment for goods or services. For example, bank accounts and plastic cards (e.g. credit cards, debit cards and store cards) are also forms of money.
Before money, people exchanged goods and services with each other. For example, a farmer may have exchanged grain in return for another farmer’s cattle. This system is called bartering.
