Commerce - Glossary Terms Flashcards
1
Q
Consumer
A
a person who purchases good and services to satisfy their wants and needs
2
Q
Needs
A
the basic things essential to our survival
3
Q
Wants
A
luxury or non essential goods/services (things we would like to have)
4
Q
Goods
A
tangible items that consumers purchase
5
Q
Services
A
intangible items that consumers purchase
6
Q
Resources
A
a stock or supply of money, supplies, staff and other assets that can be drawn on to function effectively
7
Q
Scarcity
A
Insufficiency or shortness of supply
