Chapter 1 Vocab Review

Front

Competition

Back

Contest between businesses to win customers.

Front

Needs

Back

Things you must have to survive.

Front

Profit

Back

The money left after a business pays for its goods and services.

Front

Resources

Back

Items people use to make or obtain needs or wants.

Front

Goods

Back

Physical products.

Front

Business: Any commercial activity seeking profit by providing goods/services for money.

Back

Any commercial activity that seeks profit by providing goods and services to others in exchange for money.

Front

Wants: Things you don't need to survive but desire.

Back

Things you do not have to have to survive, but would like to have.

Front

Market research

Back

Gathering and analyzing info about consumer wants, needs, and preferences in a market.

Front

Consumer

Back

A person who uses goods or services.

Front

Services

Back

Tasks businesses perform for consumers.