Understanding Production, Goods, Services, Needs, and Wants

Front

What is production in business?

Back

Production is the activity of using resources like raw materials, equipment, buildings, and staff to make goods and provide services.

Front

What is a business?

Back

A business is any organization that makes goods or provides services.

Front

What are goods?

Back

Goods are physical products such as food, clothes, and cars.

Front

What are services?

Back

Services are non-physical products, like education and healthcare, that help people.

Front

Why are goods and services produced?

Back

They are produced to meet the needs and wants of consumers.

Front

What are needs?

Back

Needs are things that are essential for survival, like food, water, housing, clothes, and warmth.

Front

Can you give an example of a need?

Back

Food is a good example of a need; without it, you won't survive for long.

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What are wants?

Back

Wants are things we would like to have but are not essential for survival.

Front

Can you give examples of wants?

Back

Examples of wants include a larger home, a smartphone, or a holiday abroad.