Terminology

• Goods


  Physical products
• Needs

  Basic requirements for human survival
• Consumer Goods

  Goods and services sold to ordinary people as opposed to businesses
• Private sector


  Business organizations owned by individuals or groups of individuals
• Producer goods

  Goods and services produced for and sold to businesses
• Public sector

  Business organizations owned by central or local government
• Services

  non-physical products
• Economies of scale is the fall in average cost as output increases
• A stakeholder is someone with a vetted interest in a business' operations.
• Adding value is how a business sells a product for more than it costs through the processes they apply.
• Advertising is a promotional method that utilizes adverts.