6. Needs: Necessary wants that are very hard or almost impossible to sacrifice. Wants: These are of less priority which you most of the time can live a satisfied life without them.
7. What is the difference between goods and services?
8. Goods: Tangible things that could be physically weighed or measured. Ex: bikes, cars, food etc.............. Services: Tasks that people or machines make to fulfil people’s needs or wants
10. Unlimited Wants but limited Resources Every body has Limited resources but vey few do have limited wants Resource: Is anything that people can use to make or obtain what they want.
11. Warm up Question Please try to explain in your point of view what are the steps that a company will probably take starting from designing the product until the product reaches the end consumer? You could either list in bullets or you could write it in a paragraph
