Introduction to Business & Economics: Needs, Wants, Goods & Services

We all know that economics is a social science, which deals with production, distribution and consumption functions. It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs. In economics, we often go through the terms needs and wants, but have you wondered about their differences? Read through this article to learn about this difference.

One of the most basic ideas in economics is goods and services. More than anything, money is spent on goods and services. It helps to know the difference between the two. Read through this website to learn more.

Goods and services are the output of an economic system. Read through this short website to learn more.

Economic activity depends on the production and consumption of food and services. Many companies provide both goods and services to customers, although they may focus on one over the other or determine that one part of the business is more lucrative than the next. The ultimate goal of most businesses is to provide a good or service that satisfies the customer and gives them what they're looking for and need. Read this article to learn the definitions of these terms and some examples of each.