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BE A202 Key Terms
A202 Key Terms
| Term | Definition |
|---|---|
| Consumer goods and services | products produced for personal consumption |
| consumers | people who use goods and services to satisfy their wants |
| convenience products | consumer goods and services purchased quickly and without much thought or effort |
| economic goods | physical objects that are useful and scarce and which satisfy economic economic wants |
| economic services | productive acts that are useful and scarce 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 |
| industrial goods and services | products purchased by producers for resale, to make other goods/services or to use in business operations |
| installations | high-cost, long-long lasting industrial goods that are used to produce other goods and services |
| market research | the systematic gathering, recording and analyzing of data about a specific issue, situation or concern that affects a market |
| materials | industrial goods that become a part of a finished product after they have been processed |
| noneconomic want | a desire for something that can be satisfied without spending money |
| parts | industrial goods that become a part of a finished product without any additional processing |
| producers | the people who make or provide goods and services |
| raw materials | items in their natural state |
| product | a good or service that a company sells to customers |
| scarce | limited |
| services | intangible activities that are done by other people for money |
| shopping products | consumer goods and services purchased after customers compare products to get the best quality, price and/or service |
| specialty products | consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain |
Created by:
haiden.b498
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