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.
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.
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
What are Non-Durable goods
A Non-Durable good is something that is only used once .e. a biscuit , cinema ticket etc.
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
What is a Capital
These goods and services are consumed by BUSINESSES so that they can provide other goods and services
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
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
What is a Buyer
A Buyer is a person who goes out and buys the good or service
What is a Seller
Sellers are people who offer goods or services i exchange for money