PBMF Ch 1 Vocab

The term for all the activities involved in developing & exchanging products.

• business

• sevice

• consumer

• market

A ​ (a)   is anything that can be bought or sold.

• product
• good
• service

A ​ (a)   is a physical item than can be touched.

• good
• product
• service

A ​ (a)   is an action or task that is performed.

• service
• product
• good

An individual or group who buys products.

• service

• consumer

• customer

Customers who purchase goods & services for their own use

• product

• consumers

• business

• capital

A ​ (a)   is something a person must have in order to survive such as food, clothing, and shelter.

A ​ (b)   is something that a person desires but can survive without.

• need
• want

______ describes the characteristics of a product that satisfy wants and needs.

(_____ means usefulness)

• Utility

• Product

• Business

• Profit

A ______ is anywhere buyers and sellers meet to buy and sell goods and services.

• product

• wages

• business

• market

The difference between the income earned and expenses incurred by a business during a specifice period of time.

• wages

• profit

• service

• market