Term

Definition

Advertising

Advertising is a way of communicating a message to a large audience about a product or service that is for sale.

Budget

A plan that lists how much money a person has and all the needs and wants that cost money

Consumer behavior

The study of how people make decisions about what they buy, use, or dispose of

Demand

The amount of something that people are willing and able to buy at a given price

Economics

The study of how people use their limited resources to satisfy their unlimited wants and needs

Needs

Things that people require to survive, such as food, water, clothing, and shelter

Supply

The amount of something that producers are willing and able to sell at a given price

Wants

Things that people desire to have but are not necessary for survival, such as toys, expensive shoes, or the latest electronics

 

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Davneet Singh's photo - Co-founder, Teachoo

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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.