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  • purpose of business
  • the purpose of business is to fulfill the needs and wants of consumers.
  • needs and wants 
  • wants are items that would be nice to have, but are not necessary. 
  • needs are items necessary for existence, such as clothing food, and shelter
  • consumer
  • a person who uses goods or services. Many times the consumer is also the costumer (purchaser)
  • products
  • goods and services
  • goods are items that are tangible, such as pens, salt, apples, and hats.
  • profit motive 
  • a product is a system made available for consumer use.
  • a service is an action that a person does for someone else.
  • profit motive is the motivation of firms that operate so as to maximize profits.
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