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Basic Eco-Concepts

business

TermDefinition
Wants things you do not have to have to survive but would like to have
Needs things that you must have to survive
Goods physical products
Services tasks that businesses perform for consumers
Resources Items that people can use to make or obtain what they need or want
First step of decision-making process Identify the situation
Second step of decision-making process Identify possible courses of action
Third step of decision-making process Determine the pros and cons
Fourth step of decision-making process make a decision
Fifth step of decision-making process Evaluate your decision
Business any commercial activity that seeks profit providing goods and services to others in exchange for money
Profit the money left over after a business has paid the cost of providing its goods and services
Competition the contest of gathering and analyzing information about the wants, needs, and preferences of consumers in certain markets
Consumer A person who uses goods or services
What's an activity business's take Identify opportunities for products or services
Created by: Airo
Popular Business sets

 

 



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