Principles of Business (Chapter 1 Vocab)

Term for all the activities involved in developing and exchanging products.

• business

• market

• utility

• service

Anything that can be bought or sold.

• Profit

• Product

• Need

• Want

Physical item that can be touched.

• Utility

• Market

• Good

• Service

Action or task that is performed, usually for a fee.

• Market

• Utility

• Good

• Service

Individual or group who buys products.

• Consumer

• Customer

• Business

• Need

Customers who purchase goods and services for their own use.

• Business

• Market

• Consumer

• Customer

Something a person must have in order to survive.

• Need

• Want

• Good

• Service

Something that a person desires, but can survive without.

• Good

• Need

• Want

• Service

Characteristics of a product that satisfy wants and needs.

• Customer

• Good

• Wages

• Utility

Anywhere buyers and sellers meet to buy and sell goods and services.

• Profit

• Market

• Standard of Living

• Business