Business Consumerism Glossary

Question 1

Commerce

Answer 1

The activity of buying and selling goods on a large scale

Question 2

Money

Answer 2

A current medium of exchange in forms of coins or banknotes

Question 3

Barter

Answer 3

Exchange for other goods or services without using money

Question 4

Consumer

Answer 4

A person who purchases goods and services to satisfy there needs and wants

Question 5

Good

Answer 5

Merchandise or possessions that can be physically touched

Question 6

Service

Answer 6

The action of helping or doing work for someone

Question 7

Need

Answer 7

An essential that is very important rather than desirable

Question 8

Want

Answer 8

Means to have a desire to possess or do something

Question 9

Durable

Answer 9

Able to withstand wear or pressure (having endurance and long lasting)

Question 10

Non - Durable

Answer 10

Something that is not long lasting, perishable

Question 11

Opportunity Cost

Answer 11

The loss of other alternatives when one is chosen

Question 12

Land

Answer 12

A factor of production that occurs naturally

Question 13

Labour

Answer 13

A resource that includes the physical and mental effort of people

Question 14

Capital

Answer 14

A factor of production that is a good used to make other goods

Question 15

Enterprise

Answer 15

The ability to combine all resources (land, labour and capital) so as to earn a profit