Terms and definations Flashcards
What is a business
An organization that produces or sells goods or services to satisfy the needs, wants, and demands of its consumers for the purpose of making profit.
What is supply
Supply is the quantity of a service or good that the business is able to provide within a range of prices that customers would be willing to pay for.
What is a Demand
Demand is the quantity of a good or service that consumers are willing and able to buy at a particular price.
What is Interdependence
Interdependence is the dependence between the many levels of a good or service.
What is a trend
A long lasting general direction society is taking
What is a fad
A craze people take up and drop quickly.
What is a want
Things that are not necessary for survival, but add comfort and pleasure to our lives.
What is a service
Service is a produce that costumers can’t touch. For example, massages, hair dressing, dance classes, swimming classes and more.
What is a need
Needs are things that are necessary for survival.
Essential good
An essential good is a physical good that someone needs in order to stay alive.
What is a profit
A profit is an income that is left after all costs and expenses are paid.
What is a cost
A cost is the amount of money required for each stage of production (raw materials)
What are goods
Goods are items that can be seen or touched
what is a Non-profit
Non-profit is profit that you make to raise money for specific goals, such as Charity.
what is Co-Branding
Co-branding is a a joint venture between two companies focused on a single good or service.
