Intro to Bus Ch 1 A Look at Wants & Needs

Material or tangible things that can be weighed or measured.

• Needs

• Wants

• Goods

• Services

Things we must have to survive.

• Needs

• Wants

• Goods

• Services

Tasks that people or machines perform.

• Needs

• Wants

• Goods

• Services

Things we wish we could have.

• Needs

• Wants

• Goods

• Services

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

• Needs

• Resources

• Goods

• Services

The amount of money left over after a business has paid for the cost of providing its good and services.

• Business

• Profit

• Competition

• Consumer

A person who selects, purchases, uses or disposes of goods or services.

• Business

• Profit

• Competition

• Consumer

Any activity that seeks profit by providing goods or services to others.

• Business

• Profit

• Competition

• Consumer

The contest between businesses to win customers.

• Business

• Profit

• Competition

• Consumer

What is the first step in the Decision Making Process?

• Evaluate Your Decision

• Make the Best Decision

• Identify the Problem

• Determine the Pros & Cons

• List the Alternatives