Business Fundamentals

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Business

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An organization that produces or sells goods/services to satisfy the needs and wants of consumers for the purpose of making a profit.

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Needs

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Essential for human survival.

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Wants

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Not essential for survival.

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Real Needs

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Basic needs that are tangible (such as food, shelter).

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Psychological Needs

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Needs that are intangible and emotional (such as companionship, security).

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Goods

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A tangible product that will be sold, likely for profit.

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Services

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Anything intangible that someone does for a fee, without a tangible good changing hands.

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Bricks and Mortar

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Physical places that customers visit to make purchases.

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e-commerce

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Virtual store, where business is conducted electronically over the Internet, without a store or showroom.

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SMEs

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Small to medium-sized enterprises.