Role of Business in Society Flashcards
1
Q
What is a buyer?
A
People who spend money on goods and services.
2
Q
What is a seller?
A
People who offer goods or services in exchange for money.
3
Q
What is a consumer?
A
Is the person who uses the product or service even if they didn’t buy it.
4
Q
Who is the consumer of children’s shoes? and who is the buyer?
A
The children use them but the parents or carer buy them.
5
Q
What is opportunity cost?
A
When you have to make a choice the opportunity cost is the thing you give up.
6
Q
What is scarcity?
A
Scarcity makes it impossible to get everything that we want.
7
Q
Why do we buy goods and services?
A
So we can satisfy our needs and wants.
