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A202 EC-902

Business Essentials

TermDefinition
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
Created by: ahmauri.a643
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