Business Types and Consumer Concepts

A vocabulary flashcard deck covering basic consumer concepts, goods and services, business roles in the production chain, and organizational types.

Consumer

A person who buys or uses goods and services.

Need

Something we must have to live and stay healthy and safe.

Want

Something we would like to have, but can live without.

Goods

Things you can see and touch that people buy.

Services

Work that someone does for you.

Producer

A person or business that makes or provides goods and services for people to buy.

Processor

A person or business that takes raw materials or ingredients and turns them into something people can use or buy.

Manufacturer

A person or company that makes products, usually in large quantities, using machines, tools, workers, and materials.

Intermediary

A person or business that helps move a product from the producer or manufacturer to the consumer.

Wholesaler

An intermediary that buys products in large quantities from a manufacturer and sells them to stores.

Store

An intermediary that buys products from producers or wholesalers and sells them to customers.

Supply Chain

The network of people and businesses that make, move, and sell a product to consumers.

Service Firm

A business that provides a service (work or help) instead of selling a physical product.

Non-Profit Organization

A group that uses the money it receives to support a mission or help a cause rather than paying profits to owners.

For-Profit Business

A business that makes money for its owners.