PBMF Ch 1 Vocab

The term for all the activities involved in developing & exchanging products.

A ​ (a)   is anything that can be bought or sold.

A ​ (a)   is a physical item than can be touched.

A ​ (a)   is an action or task that is performed.

An individual or group who buys products.

Customers who purchase goods & services for their own use

A ​ (a)   is something a person must have in order to survive such as food, clothing, and shelter.

A ​ (b)   is something that a person desires but can survive without.

______ describes the characteristics of a product that satisfy wants and needs.

(_____ means usefulness)

A ______ is anywhere buyers and sellers meet to buy and sell goods and services.

The difference between the income earned and expenses incurred by a business during a specifice period of time.