<p> Consumer Studies 1202 1.1 Notes</p><p>Needs: A good or serviced that is essential for life and in business describes a factor that motivates an individual to acct.</p><p>Wants: A desire for goods or services that are not essential for basic life and in business describes a factor that motivates individuals to act.</p><p>Values: Ideas, beliefs and ways of behaving that are valuable to important to people of a particular culture.</p><p>Goals: A goal is something that you strive for or make an effort towards - some type of achievement in life.</p><p>Consumer: A person or business that buys or uses food, clothing or anything grown, made or provided by producers.</p><p>Producers: Make goods or provide a service and consumers buy or use it.</p><p>Trend: A general direction in society that may last for a long time.</p><p>Fad: A craze that people take up quickly and then drop just as quickly.</p><p>Good: Any item that you can purchase, possess and use is considered a good.</p><p>Service: Services are not physical objects, instead they are acts - helpful acts performed in exchange for pay, for example a haircut. </p><p>Interdependence: In a business setting means that consumers and producers depend on each other.</p><p>Manufacturer: Is the company or business that produces the goods.</p><p>Market: A market exists whenever buyers and sellers come together to do business. The buyers with the money to exchange for the goods and services offered by the seller.</p><p>Demand: Represent the consumer side of the market. Supply: Represents the demand side of the market.</p><p>Business: The production and sale of goods and services to consumers.</p><p>Financially independent: Means you do not have to work because you are able to live of your life savings.</p><p>Many factors influence consumers needs and wants: * stages of life * family responsibilities * interests * trends * taste * fads * priorities * abilities</p><p>Abraham Maslow - a psychologist who studied human behavior . Maslow stated that humans are motived to satisfy their needs according to a hierarchy. He created the Maslow hierarchy of needs.</p><p>* Know how to create the chart on page 9 of text book. * Businesses compete for consumer dollar.</p><p>* Business is a major influential part of Canadian society.</p><p>* Be able to give examples of goods and services</p><p>Consumer Goods: Goods that consumers purchase to directly satisfy their needs and wants.</p><p>Ultimate consumer or end consumer: a consumer who purchases a good for his personal use.</p><p>Business to Business goods: Goods that businesses purchase for producing.</p><p>Business to Business Consumer: Consumers buy from the business who in turn has purchased from a producer.</p><p>Markets can be divided into two groups:</p><p>Consumer Market - made up of individuals and households who want goods and services</p><p>Business - business market or industrial market - individuals and organizations that produce, sell, rent or supply goods and services to businesses 5 Functions of Business Production- is the process of converting business resources into goods and services.</p><p>Factors of Production Land - land is referred to the natural resources used to produce goods and services - such as wood for a furniture maker. Capital - the money used to start a business and keep it running Labour - is the human element and includes all mental and physical work that people put into producing goods and services. Information - businesses track information about their operations. Entrepreneurship - the activity of people who bring together all the factors of production to start a business</p><p>Marketing : Can be defined as all the business activities used to plan, price, promote and distribute goods or services to satisfy consumer needs and wants.</p><p>Finance: Managing money is referred to as finance.</p><p>Human Resources - are the people aspect of a business - the owners, managers and employees. Management: can be defined as the planning, organizing and controlling of all business activities. </p>