dynamic nature of business

• What is the focus of the Cents Business YouTube channel lesson?

  The dynamic nature of business
• What is the lesson's outcome regarding new business ideas?

  Identify how new business ideas originate
• What are the two types of new business ideas discussed?

  Original ideas and adopted ideas
• What can cause new business ideas to originate?

  Changes in technology and consumer needs
• What is a product?

  Anything that satisfies customer needs
• What is a service?

  An act performed for money
• What does intangible mean in relation to services?

  Cannot be touched or physically held
• How can technological changes benefit businesses?

  By creating new products and markets
• When did the Internet become widely available?

  In 1990
• How have small businesses adapted to the Internet?

  By selling products online through websites
• What are consumers increasingly demanding?

  Wearable technology and eco-friendly products
• What are the five basic needs of humans?

  Food, water, shelter, warmth, clothing
• What is the difference between wants and needs?

  Wants are not essential for survival
• What happens if businesses do not keep up with consumer trends?

  They risk going out of business
• What does "obsolete" mean?

  No longer used or out-of-date
• What is an original idea?

  A unique idea that has not been used before
• How do original business ideas typically come about?

  To solve problems or fill market gaps
• How can businesses adopt existing products?

  By creating new versions or combinations
• What is a mix-and-match product?

  A combination of two existing products
• How has technology affected the cost of new products?

  It allows for cheaper production of products
• What are the key points covered in the lesson about new business ideas?

  • New business ideas arise from technology changes
  • Ideas can be original or adopted
  • Products satisfy customer needs
  • Services are intangible acts for money
  • Consumer demands influence product development
  • Businesses must adapt to trends and sustainability
• What should students do to reinforce their learning from the lesson?

  • Answer the five questions in comments
  • Review key points regularly
  • Watch the next video for further learning