Guiding Question: How do organizations respond ethically to the needs and wants of markets?
What’s A Business?
A business is when a person sets up a group to make profit. In this class, we briefly stated words we knew related to business, and gave concise introductions to what we knew about business. From this, we learned types of businesses, such as ParknShop, which are for profit businesses. Examples of non-profit businesses are Red Cross. Business’s are needed to satisfy the needs/wants (learned later on) of customers, and in order to this they “supply”. And then, the customers create the demand.
This has allowed us to understand what an organization does (in this case, business), and what it does in the market.
011966
{ 2 comments… read them below or add one }
I liked how you gave examples of businesses that are located in Hong Kong. This way it would be easier for us to understand what businesses are. However, I think you should have explained what a business actually is, in more detail rather than stating what you did in the class itself. An error that I noted was in your first sentence when you said that “A business is when a person sets up a group to make profit.” Not all businesses are created to make profit. There are many non-profit organizations in the world that provide services in exchange for charity. Also, it would be better if you used more detailed vocabulary rather than using the words ‘person’ and ‘group’, which are slightly vague.
A business does not have to be individual. Please explain how your understanding of business help you answer the guiding question.