needs, wants, goods, services and consumption Flashcards
(5 cards)
1
Q
definition of a need
A
what we require in order to survive(food,water,shelter)
2
Q
definition of a want
A
goods/services that make our lives more enjoyable and pleasurable, but we don’t require in order to survive.(eg game consoles)
3
Q
definition for a good
A
a good isa physical product that we can see and touch(eg newspaper , pencil and a jacket)
they can be durable and non-durable
4
Q
definition for consumption
A
the “using up” of a good or service(eg wearing a jacket)
5
Q
definition of a service
A
a service is something that is providided for us by an organisation (eg taxi or cinema)
