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9 terms

Chapter 1: A Look at Wants and Needs

STUDY
PLAY
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.