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A202
Economic Goods and Services
| Question | Answer |
|---|---|
| Consumer good and services | Products produced for personal consumption |
| Consumers | People who use goods and services to satisfy their wants |
| Convenience prouducts | Consumer goods and services purchased quickl and without much thought or effort |
| Economic goods | Physical objects that are usefu, scare and transferable and which satisfy economic wants |
| Economic services | Productive acts that ae useful, scarce, and transferable and which satisfy econmc 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 obects that can be manfactured or produced for resale |
| Impulse item | Any item purchased as a result of an on-the-spot decision to buy |
| Industrial goods and servies | Products purchased by producers for resales, to make other goods and services, and/or to use in business operations |
| Installaions | High-cost, long-lasting industrial industrial goods that are used to produces other goods and services |
| Market research | The systematic gathering, recording, and analyzing of data about a specific issuee, situation |
| Materials | Industrail goods that become part of a finish product after they 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 costomers |
| Raw materials | Items in their natural state or condition |
| Scarce | Limited |
| Services | Intangible activties that are performed by other people for money; productive acts that satisfy econmic wants |
| Shopping products | Consumer good services purchased after customers compare satisy economic wants |
| Specialty products | Comsumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain |
Created by:
Sandirr
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