Key Terms Flashcards
1
Q
What is a business?
A
An organisation that produces a good or supplies a service.
2
Q
What are goods?
A
Items that are produced from raw materials for sale. They are physical items e.g. a book.
3
Q
What are services?
A
An action that is carried out to fulfil a need or demand in return for payment. They are intangible products sold by businesses e.g. legal advice.
4
Q
Who is a customer?
A
Individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose.
5
Q
Who is a consumer?
A
Someone who uses goods and services provided by businesses.
6
Q
What are needs?
A
Something that needs to be fulfilled for us to survive.
7
Q
What are wants?
A
Products that we would like to have that are not essential.
