Introduction to Marketing

WOW 2

Wants: to feel a desire for; wish for.

Needs: a requirement, something necessary

Consumer: a person who buys and uses goods and services.

Scarcity: insufficiency or shortness of supply.

Surplus: an amount, quantity that is greater than needed.

Opportunity Cost: the benefit that could have been gained from an alternative use of the same resource.

Entrepreneur: a person who starts any enterprise, with initiative and risk.

Sole Proprietor: business entity that is owned and run by one individual.

Partnership: a contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise.

Corporation: a separate legal entity that has privileges and liabilities that are distinct from those of its members. An important feature is limited liability.