Direction: Write T if the statement is correct and F if it is false.
1. Seller are individuals or entities who exchange any or service in return for
payment.
2. Profit income earned from a business.
3. Product also known as goods and merchandise produced or manufactured.
4. Store a retail establishment selling items to the public.
5. Buyer the consumer who makes use of the goods to meet his/her needs or
wants and those of his/her family.
6. Needs are basic necessities of people such as food, clothing and shelter.
7. Wants are goods that people desire or wish to have.
8. Demands a consumer's desire to purchase goods and services and willingness
to pay a price for a specific good or service.
9. Product something that is manufactured following a process or grown and
nurtured in order to be sold for a profit.
10. Service a facility supplying a public or market demand.​