| A | B |
|---|
| needs – | things that are required in order to live. |
| wants – | things that add comfort and pleasure to your life. |
| goods – | things you can see and touch; they are products you can purchase to meet your wants and needs. |
| services – | activities that are consumed at the same time they are produced. |
| economic resources – | the means through which goods and services are produced. |
| scarcity – | not having enough resources to satisfy every need. |
| economic decision making – | the process of choosing which wants, among several options, will be satisfied. |
| trade off – | what you make when you give something up to have something else. |
| opportunity cost – | the value of the next-best alternative that you did not choose. |
| consumer – | a person who buys and uses goods and services. |
| producers – | Individuals and organizations that determine what products and services will be available for sale. |
| demand – | the quantity of a good or service that consumers are willing and able |
| supply – | the quantity of a good or service that businesses are willing and able to provide. |
| selling – | communicating directly with potential customers to determine and satisfy their needs. |
| marketing – | an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. |
| financial analysis – | budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services. |
| pricing – | setting and communicating the value of products and services. |
| promotion – | any form of communication used to inform, persuade, or remind; communicating information about products and services to potential customers |
| product and service management – | designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs. |
