Chapter 1: A Look at Wants and Needs

Created by alevey 

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Wants

The things thats you wsh you could have. Include public and private wants.

Needs

Necessary wants. Include food, shelter, water, and clothing.

Goods

Something that can be physically weighed or measured.

Services

Tasks that people or machines perform.

Resource

Anything that people can use to make or obtain what they want or need.

Business

Any activity that seeks profit by providign goods or services to others.

Profit

The amount of money left over after a business has paid for the cost of produing its goods and services.

Competition

The contest between businesses to win customers.

Consumer

A person who selects, purchases, uses, or disposes of goods or services.

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