Business Unit 1, Grade 10 Flashcards

An organization that provides goods and services to others who want or need them.

Goods or services that are required for survival.

Goods or services that are desired but not necessary for survival.

<p>A good can evolve with society and become so normal that it will help in acquiring needs.</p> Signup and view all the answers

<p>Junk food would be a want for people who can afford healthy food, but a need for people who can't.</p> Signup and view all the answers

<p>A person or company that makes products.</p> Signup and view all the answers

<p>A company that produces goods.</p> Signup and view all the answers

<p>A person or company that provides customers with goods.</p> Signup and view all the answers

<p>A person that consumes the goods.</p> Signup and view all the answers

<p>A person that buys or acquires goods.</p> Signup and view all the answers

<p>A craze that is picked up and dropped by the general public quickly.</p> Signup and view all the answers

<p>A long term, general direction society is turning.</p> Signup and view all the answers

<ol> <li>Business depends on customers 2. Customers depend on businesses 3. Businesses depend on each other.</li> </ol> Signup and view all the answers

<p>A theory in psychology that categorizes human needs into five levels.</p> Signup and view all the answers

<p>Physiological needs, Safety needs, Belongingness and love needs, Esteem needs, Self-actualization needs.</p> Signup and view all the answers

<p>Food, water, warmth, rest.</p> Signup and view all the answers

<p>Security and safety.</p> Signup and view all the answers

<p>Family, intimate relationships, and friends.</p> Signup and view all the answers

<p>Confidence, prestige, and a feeling of accomplishment.</p> Signup and view all the answers

<p>Achieving one's full potential, including creative activities.</p> Signup and view all the answers

<p>5 levels, hierarchy, satisfy lower levels before moving onto the next, lower needs are more powerful and pressing.</p> Signup and view all the answers

<p>It serves as a pillar of information for marketing a business and appealing to customers.</p> Signup and view all the answers

<p>The quantity of a good or service that consumers are willing and able to buy at a particular price.</p> Signup and view all the answers

<p>When prices go up, demand goes down, and when prices go down, quantity demanded goes up.</p> Signup and view all the answers

<ol> <li>Awareness (popularity, advertising) 2. Ample supply 3. Price of complements and substitutes 4. Accessibility 5. Change in consumer's income 6. Change in consumer's tastes 7. Change in expectations of future conditions 8. Change in population.</li> </ol> Signup and view all the answers

<p>The quantity of a good or service that a business is willing and able to provide within a range of prices.</p> Signup and view all the answers

<p>More of a good will be supplied the higher its prices.</p> Signup and view all the answers

<ol> <li>Change in number of producers 2. Change in technology 3. Expectations of future conditions 4. Changing production costs 5. Natural events.</li> </ol> Signup and view all the answers