Needs and Wants Quiz Flashcards
What is a want?
things you do not need to survive but would like to have
What is a need?
things you must have in order to survive
What is a good?
physical (tangible) products
What are services?
tasks that businesses provide for customers
What is a resource?
items people can use to obtain or make what they need or want
What is a business?
comercial activity that seeks profit by providing goods and services to offer in exchange for money
What is a profit?
the money left over after a business has paid the cost of providing goods and services
What is competition?
the contest between business to win customers
What is market research?
gathering and analyzing information about the wants and needs and preferences of customers
What is a consumer?
a person who uses goods and services
What are some examples of resources that businesses use?
Employees, equipment, materials, money, time
How to use the decision making process?
Identify the pros/cons, identity courses of action, make decision, evaluate decision
What types of decisions should you use the process for
Important decisions
What are the activities businesses undertake when developing products and services?
Identifying opportunities, keeping records, evaluate demand, manage production, marketing
How does a business effect you?
They decide what goods and services to produce, they discontinue products, provide jobs
