Intro Bus MKTG TECH Chap 1

Business is...

• the term for all activities involved in developing and exchanging products

• the total money circulating at any one time in a country

• a large number of businesses selling similar, but not the same, products and at different prices

• when a lower price is the main reason for customers to buy from one business over another

Product is...

• the action taken by two or more businesses attempting to attract the same customer

• the value of the next best option that was not selected

• develops when demand is higher than the resources available

• anything that can be bought or sold; includes goods and services

Service is...

• a science that examines how goods and services are produced, sold, and used

• an organized way in which a nation chooses to use it reasources to create goods and services

• an action or task that is performed, usually for a fee

• the value of the next best option that was not selected

Customers is...

• are money earned in exchange for work

• an individual or group who buys products;referred to as a client in service business

• are the economic resources a nation uses to make goods and supply services for its population

• People who start new businesses

Consumers are...

• who purchase goods and services for their own use

• describes the characteristic of a product that satisfies the wants and needs

• a level of material comfort measured by goods, services, and luxuries available

• a science that examines how goods and services are produced, sold, and used

Need is...

• something that a person desires but can survive without

• the difference between income earned and expenses incurred by a business during a specific period of time

• something that is absolutely necessary to have

• all the tools, equipment, and machinery used to produce goods or provide a service

Want is..

• something that is absolutely necessary to have

• the willingness and ability to start a new business

• something that a person desires but can survive without

• an economic system where the economic resources are privately owned by individuals rather than government

Utility is...

• describes the characteristic of a product that satisfies the wants and needs

• level of material comfort measured by goods, services, and luxuries available

• a science that examines how goods and services are produced, sold, and used

• the willingness and ability to start a new business

Market is...

• anywhere buyers and sellers meet to buy and sell goods or services

• money earned in exchange for work

• the work performed by people in organizations; human resources

• the value of the next best option that was not selected

Profit is...

• the price of the product is determined by the relationship of the supply of the product and the demand for the products

• the action taken by two or more businesses attempting to attract the same customer

• the difference between income earned and expenses incurred by a business during a specific period of time

• an organized way in which a nation chooses to use it resources to create goods and services