| A | B |
|---|
| Business | Term for all the activities involved in developing and exchanging products. |
| Product | Anything that can be bought or sold. |
| Good | Physical item that can be touched |
| Service | Action or task that is performed, usually for a fee. |
| Customer | Individual or group who buys products. |
| Consumer | Customers who purchase goods and services for their own use. |
| Need | Something a person must have in order to survive |
| Want | Something that a person desires, but can survive without. |
| Utility | Characteristics of a product that satisfy wants and needs. |
| Market | Anywhere buyers and sellers meet to buy and sell goods and services. |
| Profit | Difference between the income earned and expenses incurred by a business during a specific period of time |
| Wages | Money earned in exchange for work |
| Standard of Living | Level of material comfort measured by the goods, services, and luxuries available |
