click below
click below
Normal Size Small Size show me how
Basic Eco-Concepts
business
| Term | Definition |
|---|---|
| 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 |