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Business seeks to satisfy the needs and wants of customers.
Needs are things that we all need to survive:
water
Food
shelter
warmth
Wants are everything else:
A luxury Boat
A New Car
Air Travel
Pets
An expensive Watch
Business does this by creating goods for sale - and providing them in a place where customers can buy them.
Business also satisfies a customers needs by providing services such as hairdressers or cleaners.
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∙ 11y ago
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The power of a good or service to satisfy a human need is called utility?
To satisfy human "wants" and not "needs"
Why do businesses exist?
Business exists to serve the needs & wants of people. They also provide employment and without businesses we wouldn't have direct links to basic needs like groceries.
Why is there such a wide variety of desired goods and services?
people have unlimited needs and wants, economics change over time, products are improved to satisfy consumers needs and wants because of the diversity of goods wanted this is why such a wide variety of goods is in the market.
Explain the concept of scarcity in relation to oppotunity cost?
Scarcity is the concept of finite resources in a world of infinite needs and wants. Economics assumes people are greedy and always haveneeds and wants. However, there is only a certain amount of most goods.Therefore, people are forced to choose among their needs and wants,because Mother Nature does not satisfy our needs and wants infinitely.Scarcity encompasses these choices.
What is one reason that businesses from different countries have to exchange currencies?
The buyer has currency A while the seller wants currency B. Someone in the process needs to exchange A for B.
Economic products designed to satisfy peoples wants and needs?
Economic products designed to satisfy peoples wants and needs are consumer goods. The type of goods that are needed and wanted can vary depending on area and culture.
What are activities that satisfy peoples needs and wants?
the exchange of goods and services without the use of money is
How do businesses satisfy needs and wants?
needs are essential to ones survival, while wants merely express a desire for something which could over time, help to satisfy a need. as societies become more complex, and as human begins take on more sophisticated lifestyles, their needs and wants increase. therefore a variety of needs and wants are expected to be satisfy.
How does production help in satisfying needs and wants?
It provides products to satisfy your needs and wants.
What products and services that satisfy the needs and wants of target customer?
maybe money can satisfy the consumers because they can buy what they want and their needs
The power of a good or service to satisfy a human need is called utility?
To satisfy human "wants" and not "needs"
What are aims of all businesses?
To produce and sell for a profit, goods, products, and services that satisfy society's needs, wants, and desires. e.g. sell a good or service, and make money doing it.
People must make choices to satisfy their needs and wants?
Economic
What is the importance of capital in satisfying human needs and wants?
when you invest your capital, you create the products which will satisfy human needs and wants you can also be creating needs and wants.. but that's an other story
The use of goods and services to satisfy human wants and needs is known as what?
consumption
What is the study of how people manage their limited resources to satisfy their wants and needs?
economics
The process of creating goods and services to satisfy human wants and needs?
production
