Need - For survival, Want - Iphone, holidays are examples of this., Good - Pear, pens and pans are examples of this, Service - Haircut, banking and education are examples of this, Durable - You can use it more than once, Entrepreneur - Oprah Winfrey and Bill Gates are examples of this, Land - Factor of production - natural resources, Labour - Factor of production - the people, Capital - Factor of production - money and machines, Enterprise - Factor of production - the person that brings it all together,

Introduction to Business Basics

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