Problem
1. What is the difference between goods and services? Provide a clear distinction between these terms by defining each and providing an example that illustrates each.
2. Imagine that you are interested in opening your own business, a dog grooming shop. You are unsure which form of ownership would be most appropriate for your business and want to refresh your knowledge on all options. Briefly explain the various types of ownership that exist and then select which would be the best for your dog grooming business and explain why.
3. How do businesses benefit society? Examine and explain the various social benefits of businesses and their general impact on society.
4. How would you describe the general concept of business? What are the characteristics of businesses and the world of business? Identify at least three characteristics of business and briefly explain each.
5. When starting a business, what are the various ways that you can structure your business organizationally (think location, purpose, functions, ownership, etc.)? Identify and briefly explain each of the various items that should be addressed and decided on when structuring a business.