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Commerce Notes

Chapter 1 discusses the concepts of needs and wants, highlighting that needs are essential for survival while wants are not. It explains the production process, the roles of producers, retailers, and consumers in the chain of production, and defines profit as the financial benefit from business activities. The chapter emphasizes the transformation of inputs into goods and services through various production methods.

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47 views5 pages

Commerce Notes

Chapter 1 discusses the concepts of needs and wants, highlighting that needs are essential for survival while wants are not. It explains the production process, the roles of producers, retailers, and consumers in the chain of production, and defines profit as the financial benefit from business activities. The chapter emphasizes the transformation of inputs into goods and services through various production methods.

Uploaded by

emansyed2212
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chapter 1: Production

 Needs are the things without which we can’t survive, like oxygen,
shelter, food, and water.
 Wants are what we wish for and are good to have, but we can survive
without them, like a car, phone, or any other luxurious thing.
 Production is the processes and methods used to transform inputs such
as raw materials, semi-produced goods, and even ideas, information or
knowledge into goods and services.
 Producers are the people who do production.
 The chain of production refers to steps that must be taken to do
production (steps taken to transform raw materials into finished
products)
 Retailer sells the goods to the consumers and is also a art of the chain of
production
 Consumer is the final stage in the chain of production, and consumers
are the one who purchases the goods and use or consume them.
 Profit is the financial benefit when the revenue is generated from a
business activity exceeds the expenses, costs, and taxes involved in
sustaining that activity.
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Structured questions
Answer as many parts of the questions as you can. The marks availabl

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