First Page Key Terms - Unit 1 Business Fundamentals

A tangible product that will be sold, likely for profit. 

Compensation for usage of your work 

Needs that are intangible and emotional (such as companionship, security)

Basic needs that are tangible (such as food, shelter)

Any arrangement that enables buyers and sellers to get information and to do business with each other 

Virtual store, where business is conducted electronically over the Internet, without a store or showroom 

An organization that produces or sells goods/services to satisfy the needs and wants of consumers to make a profit

A person who buys goods and services

Anything intangible that someone does for a fee, without a tangible good changing hands. 

A person who uses goods and services

Essential for human survival

The amount of a good or service available for consumption 

Small to medium-sized enterprises

Chief Executive Officer (the highest ranking person in a company) 

An individual or business that makes a product 

Not essential for survival

The amount of a good or service that customers are willing to purchase at a particular prices 

Physical places that customers visit to make purchases