M1Q3_L3 People in Business

What is a good?

• A physical product that a customer can pick up, use, eat, or drink

• Something that a customer experiences such as a train ride or haircut

• Both of the above

• None of the above

What is a service?

• A physical product that a customer can pick up, use, eat, or drink

• Something that a customer experiences such as a train ride or haircut

• Both of the above

• None of the above

What is the definition of the term 'product'?

• A physical product that a customer can pick up, use, eat, or drink

• Something that a customer experiences such as a train ride or haircut

• A product is any good or service offered for sale to customers

• None of the above

What is a supplier?

• Companies that provide goods or services that another company or business needs

• Someone who starts their own company or business

• A person who buys a good or uses a service

• None of the above

What is a customer?

• A person who buys a good or uses a service

• Someone who starts their own company or business

• None of the above

• Companies that provide goods or services that another company or business needs

What is an entrepreneur?

• None of the above

• Companies that provide goods or services that another company or business needs

• A person who buys a good or uses a service

• Someone who starts their own company or business

What is a retailer?

• Sells goods to customers after buying them from suppliers

• Someone who starts their own company or business

• A person who buys a good or uses a service

• None of the above

What is a production team?

• Someone who starts their own company or business

• Sells goods to customers after buying them from suppliers

• A person who buys a good or uses a service

• A business makes large numbers of the same product on a production line

What are needs?

• None of the above

• Both of the above

• Items that we would like to have, although we won’t die without them

• Items that we must have in order to live

What are wants?

• Both of the above

• Items that we must have in order to live

• Items that we would like to have, although we won’t die without them

• None of the above