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obj A202 economic go
| 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 in a 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 to buy |
| industrial goods and service | products purchased by producers for resale, to make other goods and services, and\or used in a 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 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 that become part of a finished product after they have been processed |
| producers | The people who make or provide goods and services |
| Raw Materials | Item in their natural state or condition |
| Scarce | limited |
| Service | 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 effort 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, smell, seen, or heard; physical |
| Unlimited consumer | Anyone who personally uses a good or service to satisfy their own wants |
| Unsought products | consumers goods and services bought out of necessity or adversity rather than desire |
| want | A desire for something that may or may not be require |
Created by:
omart7
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