LO1. Define basic concepts such as business, product, and profit. Business can be defined as individuals or organizations who try to earn a profit by providing products that satisfy people's needs. A product is a good or service with tangible and intangible characteristics that provide satisfaction and benefits. Profit is the difference between what it costs to make and sell a product and what a customer pays for it. LO2. Identify the main participants and activities of business and explain why studying business is important. The main participants in business are owners, employees, and customers; the primary business activities are management, marketing, and finance. Studying business can help you develop skills and acquire knowledge to prepare for your future career, regardless of whether you plan to work for a multinational Fortune 500 firm, start your own business, work for a government agency, or manage or volunteer at a non-profit organization. The field of business offers a variety of interesting and challenging career opportunities throughout the world, such as human resources management, information technology, finance, production and operations, wholesaling and retailing, and many more. Studying business can also help you better understand the many business activities that are necessary to provide satisfying goods and services and learning about business can help you become a well-informed consumer and member of society. LO3. Define economics and compare the four types of economic systems. Economics is the study of how resources are distributed for the production of goods and services within a social system. The four economic systems are as follows: Communism: a society in which the people, without regard to class, own all the nation's resources Socialism: an economic system in which the government owns and operates basic industries but individuals own most businesses Free market: pure capitalism, in which all economic decisions are made without government intervention. Mixed economies: economies made up of elements from more than one economic system. Page-2: In-Class Assignment-1: LO4. Describe the role of supply, demand, and competition in a free-enterprise system. Competition, supply, and demand determine which goods and services are produced, how they are produced, and how they are distributed. LO5. Trace the evolution of the Canadian economy and discuss the role of the entrepreneur in the economy. Before the colonization of North America, Native Americans lived as hunter/gatherers and farmers, with some trade among tribes. The first European settlements on the east coast of what was to become Canada came because of the fishing industry. The settlers operated primarily as an agricultural economy; abundant natural resources nourished industries such as farming, fishing, shipping, and the fur trade. The 19th century and the Industrial Revolution brought the development of new technology and factories. Industrialization brought increased prosperity, and many Canadians found jobs in the manufacturing economy-one devoted to manufacturing goods and providing services rather than producing agricultural products. After World War II, with the increased standard of living, Canadians had more money and more time. They began to pay others to perform services that made their lives easier. Canadians are increasingly paying others to do tasks they used to do at home, like cooking, laundry, landscaping, and childcare. These trends have gradually changed Canada to a service economy-one devoted to the production of services that make life easier for busy consumers. An entrepreneur is an individual who risks his or her wealth, time, and effort to develop a business for profit. Entrepreneurship is essential to a free-enterprise system and a growing area of interest as people are attracted to being their own boss and being in charge of their own destiny. Discussion Questions: Review the Chapter Summary material and answer following Questions in your own words on a separate answer sheet and submit as a pdf file. Questions. Q-1. Define basic concepts such as business, product, and profit. Q-2. Identify the main participants and activities of business and explain why studying business is important. Q-3. Define economics and compare the four types of economic systems. Q-4. Describe the role of supply, demand, and competition in a free-enterprise system. Q-5. Trace the evolution of the Canadian economy and discuss the role of the entrepreneur in the economy