| A | B |
|---|
| Business | an organisation which produces goods and services |
| Capital goods | physical goods used to produce other producer and consumer goods |
| Consumer | the person who ultimately uses a product |
| Consumer goods | goods and services which are sold to people rather than businesses |
| Factors of production | land, labor and capital used in production process |
| Goods | physical products, like a car or a cabbage |
| Needs | the basic products that people need in order to survive:food, drink shelter, warmth and clothing |
| Raw materials | natural resources, like copper or coffee beans used to make products |
| Services | non physical products, like a haircut |
| Wants | luxury goods |
