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7 Business & eco

Key terms and concepts

QuestionAnswer
What is the definition of economics? Concerned with the production, distribution, and consumption of goods and services.
What is a need? Something which is essential in order to live.
What is a want? Something that makes your life more comfortable or enjoyable.
What is a service? The actions done for you by others which are designed to satisfy needs and wants.
What is a good? The physical items that satisfy our needs and wants and that we can see and touch.
What is a consumer? People who buy the goods and services.
What is a producer? People who make and sell goods and services.
What is the difference between goods and services? Goods are physical items which satisfy our needs whereas services are actions done for you by others.
How are businesses and consumers connected? Your decisions influence what businesses produce and therefore effect the economy.
List 3 examples of goods: A car, a phone and a playstation.
List 3 examples of services: The hairdressers, the dentist and the mechanic.
List 3 examples of wants: A new game, a new laptop and new shoes.
List 3 examples of needs: Water, air and food.
Created by: charlee keating
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