Introduction to Business: Chapter 1

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

• Business

• Economy

• Industry

• Market

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Chapter 1

Anything that can be bought or sold

• Services

• Industry

• Product

• Stock

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Chapter 1

a physical item that can be touched

• product

• good

• service payment

• cash

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

• haircut

• service

• taxes

• differentiation

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Chapter 1

an individual or group who buys products

• church

• customer

• consumer

• cooperative

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Chapter 1

a consumer's desire for a product's or service's specific benefit

• demand

• consumer need

• wants

• greed

To have a desire to possess or do something

• consumer need

• demand

• greed

• want

the state of being useful, profitable, or beneficial

• profitable

• potential

• utility

• useful benefit

a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities

• purchasers

• trading depot

• sales meeting

• market

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

• profit

• loss

• tax gain

• capital gain