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Economics+Business

Define the following economic and business terms

TermDefinition
Define Goods Any items, materials and consumable substances which are sold to the consumers, companies and government agencies are called goods.
Define Services Services are things done or given to the customer that are not physical substances
Define Needs Are things you cant live without
Define Wants Are any other items that we own and love that are not essential to survival.
Define Redress Is the compensation of what we buy if it sucks or is faulty and breaks instantly
Define Refund Means to get your money back
Define Receipt Is your proof of purchase from most shops
Explain Consumer rights Consumers have the right to get redress on things like unfair trade
Explain Consumer responsibilities Consumers should not use the product or service, except in accordance with the terms and conditions associated with them, and after making sure of your complete understanding.
Explain The difference between wants and needs A need is something that is necessary to live and function. A want is something that can improve your quality of life.
Created by: Milaylay
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