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2.02 Economic Concep
Understanding fundamental economic concepts
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items that are used in the production of goods and services. |
| Consumer goods and services | Products produced for personal consumption. |
| Convenience products | Consumer goods and services purchased quickly and without much thought or effort. |
| Consumers | People who use goods and services to satisfy their wants. |
| Equipment | Industrial goods used in the operation of a business but not used in the actual production of a good or service. |
| Economic goods | Physical objects that are useful, scarce, and transferable and which satisfy economic wants. |
| Economic resources | The human and natural resources and capital goods used to produce goods and services. |
| Economic services | Productive acts that are useful, scarce, and transferable and which satisfy economic wants. |
| Economic want | A desire for something that can only be satisfied by spending money. |
| Goods | Tangible objects that can be manufactured or produced for resale. |
| Impulse item | Any item purchased as a result of an on-the-spot decision to buy. |
| Installations | High-cost, long-lasting industrial goods that are used to produce other goods and services. |
| Market research | The systematic gathering, recording, and analyzing data about a specific issue, situation, or concern that affects a market. |
| Materials | Industrial goods that become part of a finished product after they have been processed. |
| Industrial goods and services | Products purchased by producers for resale to make other goods and services, and/or to use in business operations. |
| Parts | Industrial goods that become part of a finished product without any additional processing. |
| Producers | The people who make or provide goods and services. |
| Product | A good or service that a company sells to customers. |
| Raw materials | Items in their natural state or condition. |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants. |
| Noneconomic want | Desires for things that can be obtained without spending money. |
| Opportunity cost | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another. |
| Price | The amount of money paid for a good, services, or resource. |
| Production | The economic process or activity of producing goods and services. |
| Scarcity | A condition resulting from the gsap between limited resources and unlimited wants for goods and services. |
| Supplies | Industrial goods that are constantly being purchased and used up in the operation of a business. |
| Specialty products | Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain. |
| Want | A desire for something that is not required. |
| Staple item | A frequently purchased item that businesses keep on hand continuously because the demand for it is constant. |
| Tangible | Capable of being touched, smelled, tasted, seen, or heard; physical. |
| Ultimate consumer | Anyone who personally uses a good or service to satisfy their own wants. |
| Unsought products | Consumer goods or services bought out of necessity or adversity rather than desire. |
Created by:
mjewett
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