| A | B |
|---|
| A consumer is | someone who purchases goods and services to satisfy needs and wants. |
| A need is | something that we have to have to survive. |
| Needs are things like | food, shelter, water, clothes. |
| A want is often called a | luxury. |
| Wants are not | necessary for survival. |
| Wants are things like | a trip overseas, a computer, a car, a TV. |
| Eight factors influencing wants are: | age, fashion, advertising, income, culture, environment, values and attitudes. |
| We satisfy our needs and wants | by buying goods and services. |
| Goods | are tangible. You can touch and see them. |
| Goods are things | like books, pens, chicken, bus tickets, apples. |
| There are two types of goods, | durable and non-durable. |
| Durable goods last | quite a long time, a few years usually. |
| Non-durable goods last | a short time, only days or even hours. |
| Examples of durable goods: | car, television, radio, furniture, computer. |
| Examples of non-durable goods: | toothpaste, hamburger, chicken sandwich. |
| Services | are intangible. You can't see or touch them buy they are provided by other people. |
| Examples of services: | visiting the dentist, eating at a restaurant, getting a haircut. |
| Collective goods and services | are mostly provided by governments for everyone to use. |
| Examples of collective goods: | parks, bridges, schools, hospitals, police. |
| Collective goods usually | belong to everyone because our taxes paid for them. |
| Tax | is what the government takes from our income or when we buy goods and services. |
| The government uses our taxes | to provide community services. |
| In our society, a mobile phone for a plumber | would be a need. |
