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BYB 100.001 Making Decisions About Resources

10 Basic Business Concepts You Should Know

AB
decision makingThe process of determining which wants we can have at a particular time.
goalsAims or objectives
needsThings we must have in order to stay alive.
goodsObjects that can be weighed or measured.
opportunity costWhat we give up in making one choice over another.
prioritiesThe order of importance of doing things.
resourcesAnything that people can use to make or obtain what they want or need.
servicesTasks people or machines perform to satisfy wants for nonmaterial things.
valuesQualities that we prize and think are important.
wantsThe things we wish we could have.


Errol A. Jones, M.Ed., MBA
Executive Director
Houston, TX

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