Commerce 1.2 and 1.4

Question 1

What types of commercial decisions are we constantly making?

Answer 1

What to buy
What to produce
Where to live
What Career to follow
Where to invest funds
How much money to save

Question 2

Definition of Consumer?

Answer 2

Someone who purchases goods and services to satisfy needs and wants

Question 3

What is a Need

Answer 3

Essentials that we require for survival

Question 4

What is a Want

Answer 4

Things we would like to have but don’t necessarily require

Question 5

Durable Good?

Answer 5

A good that can be used several times before disposal

Question 6

Non-Durable Good?

Answer 6

A good that can only be used once before disposing

Question 7

Opportunity Cost?

Answer 7

What an individual gives up in order to satisfy a need ir want

Question 8

What types of resources do producers use to satisfy our needs and wants?

Answer 8

There are four types of resources, which include :

Land: these resources occur naturally
Labor: Both physical and mental effort of people who are working
Capital: Are goods used to make other goods?
Enterprise: ability to combine the other resources (land labour and capital so as to earn a profit)

Question 9

Budget?

Answer 9

It is a financial plan based on an individual’s income and expenses

Question 10

Income?

Answer 10

Is money received on a regular basis from work, property, businesses, investments, or welfare.

Question 11

What is a retailer?

Answer 11

a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.

Question 12

What exactly is comparison shopping?

Answer 12

When an individual shops around different stores to obtain the best deal for a good/goods

Question 13

E-commerce?

Answer 13

Online Shopping

Question 14

Impulse buying

Answer 14

Buying something wiithout giving much thought as to whether you really need it

Question 15

What is an E-tailer?

Answer 15

A retailer selling goods via electronic transactions on the internet.