Defintions Flashcards
What is a consumer?
Someone who purchases good and services to satisfy their needs and wants.
What is a need?
Goods or services that are essential for our survival such as food, water, and basic shelter.
What is want?
Goods and services we desire but we can do without
What is a non- essential good?
Products that will make out life’s more enjoyable but are not essential for survival such as mobile phones, televisions and swimming pools.
What is a complementary want?
Good and services that are used together for example cars and petrol or meat pies and sauce
What is a collective want?
Good and services generally provided by the government and used by the community as a whole, paid for taxes, for example roads and hospitals
What is a Prevent want?
Good and services that we use individually and provide for ourselves for example good, furniture and entertainment.
What is a substitute want?
Good and services that can be used to replace one item for another for example tea with coffee or cola with lemonade.
What is a good?
Tangible items that are available for purchase.
What is a service?
Intangible, done for you by others.
What is a resource?
Any material used in production including human effect, power, and raw materials
What is scarcity?
Insufficiency or shortness of supply
What is bartering?
The exchange of good or services for other goods or services without using money.
What is currency?
A system of money in general use in a particular country.
What is a legal tender?
Coins or banknotes that must be accordifed if offered as payment.
What is a global market place?
It is where goods and services flow around the world
What is globalisation?
It is a trend where people, goods and services, money and ideas around the world.
What is a global consumer?
It is when a customer who shops in an international market.
What is international trade?
The buying and selling of goods and services between nations made possible through modern communication technologies eg through the internet.
What are manufactured demand?
Is the process of business bringing out products based on what the people want. They made people feel like they need to have the product.
What is opportunity cost?
Opportunity cost is the alternative that you give up when you make one choice over another.
What do manufactured brands do?
They seduce us into buying their products by making them look as best as they can
What is commerce?
Exam examines how people earn their income, how they spend their money and ho and what goods and services are produced. It also investigates the ways in which governments and the law influences people’s behaviours.
