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Intro to Business Ch. 1 Key Terms

AB
wantsthe things you wish you could have
needsnecessary wants
goodsmaterial things that can be physically weighed or measured
servicestasks that people or machines perform
resourcesanything that people can use to make or obtain what they need or want.
businessany activity that seeks profit by providing good or services to others
profitthe amount of money left over after a business has paid for the cost of producing its goods and services
competitionthe contest between businesses to win customers
consumera person who selects, purchases, uses, or disposes of goods or services


Mrs. Sullivan

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