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Obj A202

Economic Goods and Services

QuestionAnswer
Consumer goods and services Products produced for personal consumption.
Consumers People who use goods and services to satisfy their wants
Convenience Products Consumers 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 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 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 the business operations.
Installations High cost, long lasting industrial goods that are used to produce other goods and services.
Market services
Created by: daniel.t267
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