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A202 EC-902
Business Essentials
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, 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 into 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 too 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 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 hat become part of a finished product after they have been processed |
Product | A good or service that a company sells to customers |
Raw materials | 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 |