Economics and Career Concepts

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Needs/ Necessities

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Basic requirements for survival, such as food, water, and shelter.

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Wants/Luxuries

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Desires for non-essential items that enhance comfort and pleasure.

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Goods/products

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Tangible items that satisfy human wants and provide utility.

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Services

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Intangible activities or benefits provided to satisfy needs or wants.

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Opportunity cost

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The loss of potential gain from other alternatives when one alternative is chosen.

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Value

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The importance, worth, or usefulness of something.

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Additional/Associated costs

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Extra expenses related to a purchase or decision.

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Complementary goods and services

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Products or services that are typically used together.

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Substitute goods or services

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Products or services that can replace each other.

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Informed Consumer

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A buyer who is knowledgeable about products and services before making a purchase.