Goods, Services etc and role of Businesses in Society (Understanding Business) Flashcards Preview

Nat 5 Bus. Man. > Goods, Services etc and role of Businesses in Society (Understanding Business) > Flashcards

Flashcards in Goods, Services etc and role of Businesses in Society (Understanding Business) Deck (10)
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1

What is a Good

a good (or products) are Tangible. This means that they can be seen and touched
This could be anything from a Car to a Watch etc.

2

What is a Service

Services are not Tangible. This means that they cannot be seen or touched after they have been provided.
Often they are something that an organisation does for its customers.

3

What are Durable goods

A Durable good is something that lasts for more than one use I.e. a toothbrush, car, Computer
Note: these items will eventually break

4

What are Non-Durable goods

A Non-Durable good is something that is only used once .e. a biscuit , cinema ticket etc.

5

What is a Consumer

These are goods and services that are consumed by individual Private PEOPLE to satisfy their needs and wants.
i.e. food , Clothing ,Tools

6

What is a Capital

These goods and services are consumed by BUSINESSES so that they can provide other goods and services

7

What is a Needs

Needs are basic Requirements for survival
These needs can be satisfied for the vast majority of people
i.e. Food, Clothing, Water, Shelter

8

What is a Wants

Wants are required to make life pleasant for us and include luxuries and other non essential items
They CANNOT ever be fully satisfied - people are always looking for other things to make them happy

9

What is a Buyer

A Buyer is a person who goes out and buys the good or service

10

What is a Seller

Sellers are people who offer goods or services i exchange for money