Goods and Services and Needs and Wants Flashcards
Consume
To use up or finish
Operating costs
Costs of running a business
Market share
The part of the market which you sell your goods and services
Goods (products)
Things that we use up
Efficiently
Choosing the best option to get what you need at the best price at the right time
Consumer
A person or business that consumes. Therefore goods and services are the things people consume in order to satisfy their needs and wants. This is done by buying or producing things to satisfy our needs.
RDP
Reconstruction and development plan
Reuse
Using something as much as possible sparingly, effectively and efficiently.
E.g: reusing plastic coke bottle as coke bottle
Reduce
Use something that we use less.
E.g: use lunchbox for specifically carrying lunch and not damaging it
Return
Buying returnable containers
E.g: beer bottles that can be returned and refused buy beer companies after being washed
Primary needs
Basic need in order to survive
- physical needs
- security needs
Physical needs
- food
- water
- shelter
- oxygen
- sleep
Security needs
- to feel safe and secure
- to feel that others won’t hurt you
- to feel protected
- law, order, leaders
- live and work in a safe environment
Secondary needs
Need to belong and for social interaction
- social needs
- self-esteem needs
Social needs
- be part of groups (friends and family)
- have to have friends
- part of a team or group
- receive love
