Exploring B & E - OBJ 1.01 Test

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

• Profit

• Competition

• Needs

• Goods

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

• Profit Motive

• Competition

• Wants

• Consumer

Contest between businesses to win customers' business and loyalty

• Services

• Competition

• Wants

• Needs

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

• Profit Motive

• Wants

• Needs

• Services

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

• Wants

• Needs

• Services

• Goods

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

• Consumer

• Profit Motive

• Needs

• Competition

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

• Goods

• Services

• Needs

• Wants

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

• Services

• Goods

• Consumer

• Wants

Is this a need or a want: Fresh Water

• Need

• Want

Is this a need or a want: New iPhone

• Need

• Want