producers
an individual or business involved in making goods and services.
consumers
a person who buys and uses the goods and services.
employees
people who work and provide the goods and services for income.
needs
goods and services that are necessary to a standard of living.
wants
goods and services that are desired to provide personal satisfaction.
goods
physical items that satisfy needs and wants.
services
actions done for you by others to satisfy your needs and wants.
how does a business owner find out what a consumer wants?
analyse the business sales, carry out market research, examine social trends.
analyse the business sales
business owners constantly monitor their sales to identify what is popular and ensure they can supply it.
carry out market research
this includes finding out consumers preferences which includes surveys for consumers.
examine social trends
this requires finding out what sorts of issues people are concerned about then finding and responding to those concerns.
profit
what remains after expenses have been deducted from the money made.
manufactures
businesses that make goods.
whole sale
businesses that sells large quantities of goods to other businesses.
retail
businesses that sells goods and services to consumers.
price leaders
business that have the most influence in a particular market.
quote
give someone an estimated price of a job or service.
5 methods that businesses use to determine their prices.
recommended retail price, pice leaders, quotes, percentage markups and what the market will bear.
business
an organisation that provides goods or services to consumers to make a profit.
Entrepreneur
a person who organises and operates a business or businesses, taking on greater than normal financial risks in order to do so.
a shared vision
an understanding or hope