Needs, wants, goods, services etc Flashcards
1
Q
What is a need?
A
A need is something we require in order to survive (e.g. food, water, shelter)
2
Q
What is a want?
A
Goods/services that make our lives more enjoyable and pleasurable, but we don’t require in order to survive (e.g. games consoles, TVs, cars)
3
Q
What is a good?
A
A physical product that we can see and touch (e.g. newspaper, jacket, pencil)
Goods can be durable (used more than once) or non-durable (single use)
4
Q
What are services?
A
Something that is provided for us by an organisation (e.g. taxi, cinema, haircut)
5
Q
What is consumption?
A
The “using up” of a good/service (e.g. wearing a jacket, eating a sandwich, watching a film at the cinema)
