Role Of Buisiness In Society Flashcards
What is a need
A need is the basic requirement that are essential for survival such as food water clothing shelter and warmth
What is a want
Wants are things we would like to have but don’t need to survive. These include luxuries such as mobile phones or holidays
What does a business need to do to survive
It needs to satisfy the needs and wants of the consumers. Business can satisfy needs and wants by providing goods and services to the consumers
What is a good
A good is a product you can see and touch (tangible) such as laptops clothes or food
What is a service
A service is products that you cannot hold or touch (intangible) such as public transportation a haircut or a visit to the cinema
What does a business need to be able to provide goods or services
For a business to provide goods or services it will need to combine a variety of resources these are known as the factors or production
