Business review

____ - Things necessary for basic living. Essential to human life; required for survival.

Includes basic food, water, shelter, clothing

• Needs

• Goods

• Services

• Wants

____ - can be physically weighed or measured. It satisfy your wants and needs for

material things. These are things you can see and touch. They are tangible. Examples are

Shoes, Groceries, iPod.

• Needs

• Goods

• Services

• Wants

____ - are tasks that people or machines perform, things you can’t see or touch.

Services are satisfied through the efforts of other people or by equipment. They are

intangible. Examples of this are landscaping, auto tune-ups, tax accountant, haircut.

• Needs

• Goods

• Services

• Wants

____ - are things you wish you could have, each person has __

• Needs

• Goods

• Services

• Wants

_____ refers to a consumer's desire to purchase goods and services and willingness to

pay a price for a specific good or service.

• Demand

• Wants

• Supply

• Needs

A ___ is anything that people can use to make or obtain what they need or want.

Examples of resources include fuel, timber, labor, and money.

• Resource

• Amount

• Scarcity

• Material

___ is the shortage of resources. Conflict between unlimited wants and limited

resources.

• Scarcity

• Out of stock

• Limit

• Sale

refers to the goods and services offered by the organization.

_____ are material items that you can purchase. Anything that you can find in a grocery

store, farmer's market, shopping mall, home improvement shop, or any other store is a

goods

____ items that you can't touch; they are mostly services.

• Intangible

• Perishable

• Demand

• Supply