This document defines key concepts in business and entrepreneurship. It explains that business involves the production and distribution of goods and services to earn profits. It also defines the concepts of need, want, and demand, stating that needs are basic requirements while wants are culturally influenced and demand requires both the willingness and ability to purchase. The document goes on to define a market as the set of buyers and sellers in a given area, and explains that market offerings can include products, services, places, or information designed to satisfy customer needs and wants.