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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 |