1.1

• • Services are intangible products, e.g. haircuts, tourism, public transport, banking, insurance education, and healthcare.
• • Consumers are the people who use goods and services. They are not necessarily the customers though.
• • Customers are the people or other businesses that purchase goods and services.
• • Factors of production is the collective term for the resources needed to produce goods and services. Businesses combine human, physical and financial resources in an effective way to create goods and services to meet the needs and wants of consumers.
• Marketing — making sure the right product is sold at the right price in the right place using appropriate promotion methods.

   
• Operations management — making sure that goods are produced using relevant methods of production and/or making sure that the most efficient processes are used to provide services.