Defintions

Question 1

What is a consumer?

Answer 1

Someone who purchases good and services to satisfy their needs and wants.

Question 2

What is a need?

Answer 2

Goods or services that are essential for our survival such as food, water, and basic shelter.

Question 3

What is want?

Answer 3

Goods and services we desire but we can do without

Question 4

What is a non- essential good?

Answer 4

Products that will make out life’s more enjoyable but are not essential for survival such as mobile phones, televisions and swimming pools.

Question 5

What is a complementary want?

Answer 5

Good and services that are used together for example cars and petrol or meat pies and sauce

Question 6

What is a collective want?

Answer 6

Good and services generally provided by the government and used by the community as a whole, paid for taxes, for example roads and hospitals

Question 7

What is a Prevent want?

Answer 7

Good and services that we use individually and provide for ourselves for example good, furniture and entertainment.

Question 8

What is a substitute want?

Answer 8

Good and services that can be used to replace one item for another for example tea with coffee or cola with lemonade.

Question 9

What is a good?

Answer 9

Tangible items that are available for purchase.

Question 10

What is a service?

Answer 10

Intangible, done for you by others.

Question 11

What is a resource?

Answer 11

Any material used in production including human effect, power, and raw materials

Question 12

What is scarcity?

Answer 12

Insufficiency or shortness of supply

Question 13

What is bartering?

Answer 13

The exchange of good or services for other goods or services without using money.

Question 14

What is currency?

Answer 14

A system of money in general use in a particular country.

Question 15

What is a legal tender?

Answer 15

Coins or banknotes that must be accordifed if offered as payment.

Question 16

What is a global market place?

Answer 16

It is where goods and services flow around the world

Question 17

What is globalisation?

Answer 17

It is a trend where people, goods and services, money and ideas around the world.

Question 18

What is a global consumer?

Answer 18

It is when a customer who shops in an international market.

Question 19

What is international trade?

Answer 19

The buying and selling of goods and services between nations made possible through modern communication technologies eg through the internet.

Question 20

What are manufactured demand?

Answer 20

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.

Question 21

What is opportunity cost?

Answer 21

Opportunity cost is the alternative that you give up when you make one choice over another.

Question 22

What do manufactured brands do?

Answer 22

They seduce us into buying their products by making them look as best as they can

Question 23

What is commerce?

Answer 23

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.