Consumer: A consumer is someone who purchases goods and services to satisfy their needs and wants.Items we need are those things that everyone must purchase because they are essential for our survival. This includes items such as food, clothing and shelter. Wants are things we like to have, such as a car, phone or computer. A person’s wants are unlimited.
Goods: Goods are things that are produced and can be physically touched; for example, a television or a car.
Services: Services are things that one person will do for someone in return for payment. People who provide services include hairdressers, doctors, dentists and personal trainers.
Durable & Non-durable: A consumer has the choice of purchasing either durable or non-durable goods. A durable good is one that can be used many times, such as a car or television. Non-durable goods are those that can be used only once, such as a sandwich or a litre of petrol.
Land: these resources occur naturally, such as forests, coal and fertile soil.
Labour: this includes both the physical and mental effort of people who are working.
Capital: these resources are goods used to make other goods. For example, a tractor is a capital.
Enterprise: this is the ability to combine the other resources of land, labour and capital so as to earn a profit.
Needs: A good or a service that is a must for human survival, i.e food, water, etc...
Wants: A good or a service that you desire to buy however you would survive without it.