Starting a Business

Starting a Business

Let's Review!! 🤓

How much do you remember?

What are goods? What are services?

Goods are different things people grow or make to sell

• Examples:

• Birthday Cakes

• Food and Clothes

• Bottled Water

• Laundry Supplies

Services are different types of jobs people do for pay.

• Examples:

• Chefs

• Personal Trainers

• Dog Groomer

• Gardeners

Open Ended

What are examples of goods?

What is supply and demand?

Supply is the amount of goods available.

Demand is the amount of people that want the that good.

When supply ⬇️, demand ⬆️

Example: Nintendo creates only 5 gold switch consoles. Since there is a low supply of the good, the demand will go up.

When supply ⬆️, demand ⬇️

Example: Apple comes out with a new iphone. They release a supply of 1 billion phones.Since there are so many phones, the demand for the phones will go down.

Multiple Choice

If supply goes up, demand goes

• down

• up

Multiple Choice

If demand goes up, supply will go

• down

• up

People start businesses to provide needs or wants to a community.

Example Businesses: Walmart, Pizza Hut, 7 Eleven, Google, Apple, and Amazon

People who start businesses are called Entrepreneurs.

Profit

Profit is the money the business earns.

Multiple Choice

Who is a entrepreneur?

• The person who starts the business

• The person who works for the business

Open Ended

Name some businesses you know.

Let's look at some entrepreneurs!

Henry Ford

Founder of the Ford motor company.

Sam Walton

Founder of Walmart and Sam's Club

Oprah Winfrey

Created her own production company called Harpo Productions

Mary Kay Ash

Founder of Mary Kay Cosmetics