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202
business essentials
| Term | Definition |
|---|---|
| consumer good and services | products produced for personal consumption |
| consumers | people who use goods and service to satisfy their wants |
| convenience products | consumer good and service purchased quickly and without much thought or effort |
| economic goods | physical objects that are useful scarce and transferable and which satisfy economic wants |
| economic service | productive act that are useful scarce and transferable |
| economic wants | a desire for something that can only be satisfied by spending money |
| equipment | industrial good used in the operation of the a business but not used in actual production of a good 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 services | products purchased by producers for resale to make other good and service and/or to use in business operations |
| installations | high cost long lasting industrial good that are used to produce other good and service |
| market research | the systematic gathering recording and analyzing of data about a specific issue situation or concern that affect a market |
| material | industrial goods that becomes 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 good that become part of a finished product without any additional processing |
| producers | the people who makes or provide good and service |
| product | a good or service that a company sell to customer |
| raw material | item in their natural state or condition |
| scarce | limited |
| service | intangible activities that are performed by other people for money productive act that satisfy economic wants |
| shopping products | consumer good and services purchased after customer compare products to get the best quality price and /or service |
| specialty product | consumer good and service with special or unique characteristics that customer are wiling to exert special efforts to obtain |
| staple item | a frequently purchased item that business keep on hand continuously because the demand |
| supplies | industrial good that are constantly tasted seen |
| tangible | capable of being touched smelled |
| ultimate consumer | anyone who personally uses a good or service |
| unsought products | consumer good and service bought out of necessity |
| want | a desire for something that may or may not be required |
Created by:
jayr.074
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