Need - For survival, something is necessary, 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, Richard Branson and Bill Gates are examples of this, Land - natural resources (Factor of production), Labour - the people (Factor of production), Capital - capital (money) and machines (Factor of production -), Enterprise - the person that brings it all together (Factor of production ),

Introduction to Business Basic Terminology

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