Principles of Business (Chapter 1 Vocab)

Front

Activities involved in developing and exchanging products.

Back

business

Front

Anything that can be bought or sold.

Back

Product

Front

Physical item that can be touched.

Back

Good

Front

Action or task performed for a fee.

Back

Service

Front

Buyer of products.

Back

Customer

Front

Customers who buy goods/services for personal use.

Back

Consumer

Front

Something essential for survival.

Back

Need

Front

Desires but can survive without.

Back

Want

Front

Characteristics of a product that satisfy wants and needs.

Back

Utility

Front

Buyers and sellers meet to trade goods and services.

Back

Market