Business activity is any activity which provides us with goods and services that satisfies human needs and wants.
Needs – a need is something essential to our lives: food, water, shelter, clothing
Wants – a want is an additional luxury that makes life pleasurable
WEALTH CREATION
A country’s wealth is measured by how many goods and services the country can produce.
GDP (Gross Domestic Product) = number of Goods & Services produced in a territory over a specific period (usually annually)
The more goods/services sold, the more likelihood of more jobs for the population, and therefore more tax to be raised for the Government.
This in turn is hopefully invested in services for the nation.
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