Intro 2 Bus Ch1

Things that you must have in order to survive.

• Wants
• Needs
• Desires
• Wishes

A physical product

• good
• service
• labor
• capital

Something that someone does for you is a 

• service
• good
• demand
• supply

Things that a person does not have to have to survive, but would like to have.

• Wants
• Needs
• Desires
• Wishes

Any commercial activity that seeks profit by providing goods and services to others in exchange for money

• Goods
• Profit
• Business
• Services

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

• Goods
• Consumer
• Services
• Resources

The money left over after a business has paid the cost of providing its goods and services

• Sales
• Profit
• Resources
• Supply

The contest between businesses to win customers

• Competition
• Consumer
• Business
• Resources

The gathering and analysis of information on the size, location, and makeup of a product market.

• Market Research
• Competition
• Resources
• Profit

Person who uses goods and services

• Sole proprietorship
• Mixed economy
• Business
• Consumer