Hi again Melita,
I want to thank you for your help. I was just not being thorough enough with my data, and after fixing that, your advice on setting the data frame worked.
I do have my additional question: My data has several additional fields besides just lat and long, and I was encountering an issue where when I added the .cvs file into ArcMap, the field were becoming jumbled. Ie address was under zip code, my Y field disappeared entirely, and the name of the business was located under address. Do you know what might be causing this? I eventually just took the lat/long data and made it its own excel spreadsheet. I am going to set about fixing it now, and I was just planning to import the additional data in a dbf to attach to my newly created point shapefile of the lat/long. I'm hoping this works, but I would like to know how to handle this problem should it arise for me again.
Thank you!