Commerce Course Flashcard

Front

What is the main focus of the Commerce course mentioned in the document?

Back

Understanding how to make wise commercial decisions

Front

According to the document, what does commerce examine?

Back

How people earn and spend their income

Front

What are some of the commercial decisions mentioned in the document?

Back

What to buy, what to produce, where to live

Front

What is described as an active and exciting place full of surprise and change?

Back

The world of commerce

Front

What is a consumer?

Back

Someone who purchases goods and services

Front

What are examples of items that are considered needs? Options: Car, phone, computer; Food, clothing, shelter; Television, car, sandwich; Gym membership, haircut, petrol

Back

Food, clothing, shelter

Front

What is the difference between goods and services?

Back

Goods are produced, services are performed.

Front

What is an example of a durable good?

Back

Car

Front

What is an example of a non-durable good? Options: Television, Computer, Sandwich, Car

Back

Sandwich

Front

What is the term used to describe what an individual gives up in order to satisfy a need or want?

Back

Opportunity cost