2024 - 2025 Intro to Business Section 1.1 Vocabulary Quiz

All the activities involved in developing and exchanging products

• Product Design
• Product Management
• Business

• Product Marketing

anything that can be bought or sold

• commodity
• currency
• service
• product

a physical item that can be touched

• intangible object
• service

• good

• virtual item

an action or task that is performed

• Service

• Good

• Tangible

• Activity

an individual or group who buys products

• customer

• consumer
• seller
• buyer

Customers who purchase goods and services for their own use

• Buyers
• Purchasers
• Clients
• Consumers

Something a person must have to survive

• Goods

• Services

• Wants

• Needs

Something a person desires but can survive without

• Want

• Luxury
• Essential
• Necessity

describes the characteristics of a product or service

• Utility

• Quality

• Good

• Instructions

anywhere buyers and sellers meet to buy and sell goods and services

• bazaar
• supermarket
• market

• storefront