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A202 Key Terms
Economic Goods and Services
| Term | Definition |
|---|---|
| Consumer good and services | products produced for personal consumption |
| Consumers | people who use good and services to satisfy their wants |
| Convenience products | consumers goods and services purchased quickly and without much thought of effort |
| Economic goods | physical objects that ae useful, scarce, and transferable and which satisfy economic wants |
| 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 |
| Equipment | industrial goods used in the operation of a business but not used in the actual production of a good or service |
| 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 |
| Industrial goods and services | Products purchased by producers for resale to make other goods and services, and/ or to use in business operations |
| Installations | high cost, long lasting industrial goods that are used to produce other goods and services |
| Market research | The systematic gathering, recording, and analyzing of data about specific issue, situation, or concern that affects a market |
| Materials | industrial goods that become part of a finished product after that have been processed |
| Noneconomic want | A desire for something that can be satisfied without spending money |
| 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 material | items in their natural state or condition |
| Scarce | Limited |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| Shopping products | Consumer goods and services purchased after customers compare products to get the best quality, price, and or service |
| Specialty products | Consumers goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain |
| Staple item | A frequently purchased item that businesses keep on hand continuously because the demand for it is constant |
| Supplies | Industrial goods that are constantly being purchased and used up in the operation of a business |
| Tangible | Capable of being touched, tasted, seen, or heard; physical |
| Ultimate consumer | Anyone who personally uses a good or service to satisfy their own wants |
| Unsought products | Consumer goods and services bought out of necessity or adversity rather than desire |
| Want | A desire for something that or may not be required |
Created by:
tanaja.l542
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