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Business Essentials

2.02 vocabulary terms to study.

TermDefinition
Economy process/system by which goods and services are produced, sold, and brought in country or religion. (the way people spend and make money)
Economics study to meet unlimited, competing wants with limited resources
Economic Goods physical objects that are useful scarce and transferable and which satisfy economic wants/goods
Economic Services productive acts that are useful/ scare/transferable satisfy economic wants
Need something required/essential that is lacking
Want desire for something not required
Economic Want desire for something only satisfied by spending money
NonEconomic Wants desires for things that can be abstained w/o spending money
Scarcity condition resulting from gap between limited resources/ unlimited wants for goods and services
Consumer Goods and Services products produced for personal consumption
Industrial Goods and Services products purchased by producers for resale, make other goods n’ services and/or business operations
Retailers business that buys consumer goods/services and then sells them to ultimate consumers
Service business business that performs tangible activities that satisfy the needs/wants of consumers and industrial users
Trade industries businesses that buy and sell goods to others; retailers and wholesalers
Wholesaler intermediaries help move goods between producers and retailers by buying goods from producers and selling them to retailers
Producers The people who make and provide good for services
Created by: user-1861355
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