Understanding Business and Enterprise

The video explores the fundamental roles and purposes of businesses, such as meeting customer needs and wants, generating income, and impacting society positively. It highlights the difference between needs and wants, using Walt Disney's entrepreneurial journey as a case study. The video also discusses the importance of competitive advantage, differentiating between customers and consumers, and the significance of generating income for business growth. Finally, it emphasizes the potential positive impact businesses can have on society.

What is one of the primary reasons businesses exist?

• To meet customer needs and wants

• To create art

• To entertain employees

• To explore new planets

Which of the following is an example of a 'want' rather than a 'need'?

• Medicine

• Water

• Shelter

• PlayStation 5

What question did Walt Disney ask that led to the creation of Disneyland?

• Why can't there be an amusement park for adults too?

• Why are movies so popular?

• Why do people love cartoons?

• Why is animation important?

What is a competitive advantage?

• A strategy to lower prices

• A unique feature that sets a product apart

• A method to increase employee satisfaction

• A way to reduce costs

Who is considered the customer in a transaction?

• The person who delivers the product

• The person who designs the product

• The person who pays for the product

• The person who uses the product

Which of the following is a service?

• A pair of shoes

• A pack of biscuits

• A Spotify subscription

• A MacBook Pro

What is the difference between a good and a service?

• A good is intangible, a service is tangible

• A good is always more expensive than a service

• A good is tangible, a service is intangible

• A good is always cheaper than a service

What is the main goal of most businesses?

• To entertain employees

• To explore space

• To create art

• To generate income

How can businesses positively impact society?

• By increasing taxes

• By reducing prices

• By limiting resources

• By creating jobs

What is one way Disney has impacted society?

• By reducing global warming

• By inventing new technology

• By creating lifelong memories

• By building skyscrapers