Chapter 1 Vocabulary

The term for all activities involved in developing and exchanging products

anything that can be bought or sold; includes

•is a physical item that can be touched

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

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

Customers who purchase goods and services for their own use are

Need

Want

Check all that apply: What are the utilities covered in class?

• form, time, and place only

• information, possession only

• form, information and want only

• possession, time, information, form and place

is anywhere buyers and sellers meet to buy and sell goods and services