Purpose of Business

Money that remains after a business has paid for the expenses of running the business. income > expenses

• profit

• market

• competition

• motive

Tasks that businesses perform or provide for customers, such as haircuts and car washes.

• good

• profit motive

• services

• consumer

Items businesses sell that can be physically weighed or measured, such as iPods or cds.

• market

• goods

• services

• consumer

A person who uses goods or services. Many times the consumer is also the customer.

• goods

• consumer

• services

• want

Items that are necessary for existence, such as clothing, food, shelter, and water.

• motive

• wants

• needs

• market

A contest between businesses to win cusotmer's business and loyalty.

• competition

• market

• profit

• goods

A person's incentive to work to gain something for himself or herself (that is to make money).

• market

• services

• goods

• profit motive

Items that would be nice to have, but are not necessary.

• wants

• needs

• profit motive

• market

A person who purchases goods and services.

• manager

• customer

• accounting

Businesses fulfill the needs and wants of consumers by selling goods and services or both.

• true

• false