Chapter 1 Basic Economic

Front 1

Wants

Back 1

Are things that you do not have to have to survive.

Front 2

Needs

Back 2

Are things that you must have to survive.

Front 3

Goods

Back 3

Are physical products. Something you leave with.

Front 4

Services

Back 4

Are tasks t hat business perform for consumers.

Front 5

Resources

Back 5

Are items that people can use to make or obtain what they need or want.

Front 6

Business

Back 6

Is any commercial activity that seeks profit by providing goods or services.

Front 7

Profit

Back 7

Is the money left over after a business has paid the cost of providing its goods and services.

Front 8

Competition

Back 8

A contest between businesses to win customers.

Front 9

Market research

Back 9

Is the act of gathering and analyzing information about the wants and needs and preferences of consumers in a certain market.

Front 10

Consumer

Back 10

Is a person who uses goods or services.

Front 11

Wants

Back 11

Are things that you do not have to have to survive.

Front 12

Needs

Back 12

Are things that you must have to survive.

Front 13

Goods

Back 13

Are physical products. Something you leave with.

Front 14

Services

Back 14

Are tasks t hat business perform for consumers.

Front 15

Resources

Back 15

Are items that people can use to make or obtain what they need or want.

Front 16

Business

Back 16

Is any commercial activity that seeks profit by providing goods or services.

Front 17

Wants

Back 17

Are things that you do not have to have to survive.

Front 18

Needs

Back 18

Are things that you must have to survive.

Front 19

Profit

Back 19

Is the money left over after a business has paid the cost of providing its goods and services.

Front 20

Competition

Back 20

A contest between businesses to win customers.

Front 21

Goods

Back 21

Are physical products. Something you leave with.

Front 22

Market research

Back 22

Is the act of gathering and analyzing information about the wants and needs and preferences of consumers in a certain market.

Front 23

Services

Back 23

Are tasks t hat business perform for consumers.

Front 24

Consumer

Back 24

Is a person who uses goods or services.

Front 25

Resources

Back 25

Are items that people can use to make or obtain what they need or want.

Front 26

Business

Back 26

Is any commercial activity that seeks profit by providing goods or services.

Front 27

Profit

Back 27

Is the money left over after a business has paid the cost of providing its goods and services.

Front 28

Competition

Back 28

A contest between businesses to win customers.

Front 29

Market research

Back 29

Is the act of gathering and analyzing information about the wants and needs and preferences of consumers in a certain market.

Front 30

Consumer

Back 30

Is a person who uses goods or services.

Front 31

Wants

Back 31

Are things that you do not have to have to survive.

Front 32

Needs

Back 32

Are things that you must have to survive.

Front 33

Goods

Back 33

Are physical products. Something you leave with.

Front 34

Services

Back 34

Are tasks t hat business perform for consumers.

Front 35

Resources

Back 35

Are items that people can use to make or obtain what they need or want.

Front 36

Business

Back 36

Is any commercial activity that seeks profit by providing goods or services.

Front 37

Profit

Back 37

Is the money left over after a business has paid the cost of providing its goods and services.

Front 38

Competition

Back 38

A contest between businesses to win customers.

Front 39

Market research

Back 39

Is the act of gathering and analyzing information about the wants and needs and preferences of consumers in a certain market.

Front 40

Consumer

Back 40

Is a person who uses goods or services.