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Introduction to Commerce Basics

The document introduces basic concepts in commerce, defining consumers, needs, and wants. It explains the difference between goods, which are tangible items, and services, which are actions performed for payment. Additionally, it includes exercises for classifying various items as needs or wants, and as goods or services.

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48 views1 page

Introduction to Commerce Basics

The document introduces basic concepts in commerce, defining consumers, needs, and wants. It explains the difference between goods, which are tangible items, and services, which are actions performed for payment. Additionally, it includes exercises for classifying various items as needs or wants, and as goods or services.

Uploaded by

eates2024
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Introduction to Commerce

1. Use the words in the list to complete the following passage.


unlimited wants food goods plumbers services
computer consumer scarce
A ____________ is someone who purchases ____________ and services to satisfy
their needs and ___________. Needs are those items that everyone must
purchase because they are essential for survival. This includes items such as
__________, clothing and shelter. Wants are things that we like to have, such
as a car, mobile phone or ____________.
Goods are things that are produced and can be physically touched; for
example, a television or a car, while ____________ are things that one person
will do for someone in return for payment. People who provide services
include ___________, doctors and dentists.
Wants are _________ while resources are __________.

2. Classify the following goods as needs or wants by including them in the


correct column in the table: television, house, bread, car, shirt, computer,
coat, mobile phone.

Needs Wants

3. Classify the following as either goods or services by including them in the correct
column in the table: plumber, television, bicycle, doctor, dentist, camera, dress,
electrician, teacher, shoe.

Goods Services

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