Needs: The things you have in order to stay alive
Wants: The things not necessary for survival but makes life more pleasant
Fad: A style, activity, or interest that is very popular for a short period of time
Trend: A general development or change in a situation or in a way that people are behaving; involves long term change
Good: Good are tangible objects that last a period of time
Services: Helpful acts that are performed in exchange for pay and it is intangible
Demographics: The study of statistics relating to populations or communities
Niche Market: The targeted group of consumers who need or want what you’re selling
Consumer: A person who buys goods and services; a customer
Producer: Individuals and/or businesses that make a product
Economics: A social science whose central focus is how to allocate scarce resources among alternate uses
Demand: The amount customers are willing to buy at a specified price
Supply: The amount available for sale or the amount that sellers are willing to sell at a specified price
Marketing: The series of activities required to provide a product or service to satisfy consumer’s needs or wants and to convince consumers that this product or service is superior to others that are the same or similar
Wholesaler: A merchant who buys products in large quantities from one or more producers and resells them in smaller quantities to retailers, who then sell the goods to consumers
Retailer: A person or company that sells directly to consumers
GDP: Gross domestic product, the annual total value of final market goods calculated per capita which is divided by the number of people in country or region
Exports: Goods and services sold to other countries
Imports: Good and services bought from other countries
Balance of trade: Relationship between a country’s total imports and exports
Trade deficit: Country pays more for imports than it earns from exports
Trade surplus: Country earns more from exports than it pays for imports
Free Trade: International trade without imposition of tariffs or other barriers Maslow’s Needs
1. Physiological: Basic physical needs for survival
2. Psychological: Need for safety/security
3. Social/Community: Need to belong
4. Esteem: self esteem and satisfying one’s ego
5. Self Actualization: Helping others, being creative, reaching one’s potentials
Factors Affecting Demand
1. The price of the goods or service
2. The prices of the substitute goods
3. The prices of the complementary goods
4. Consumers’ income
5. Consumers’ future expectations about either income or price
6. Consumers’ taste or desire for the good or service
Factors Affecting Supply
1. The price of the good or service
2. The costs of productng the good or service
3. Changes in technology that affect the costs
4. The producer’s desire to own and operate a business
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