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obj A202
Economics good and services
| Term | Definition |
|---|---|
| Consumer goods and services: | Products produced for personal consumption |
| Consumer: | People who use goods and services to satisfy their wants |
| Convenience Products: | Consumers goods 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 services: | Productive acts that are useful, scarce and transferable and which satisfy economic wants |
| Equipment: | Industrial goods used in the operation of a business but not used un 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 good and services: | Products purchased by producers for resale, to make other good and services, and/ or to use in 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 without any additional processing |
| Producers: | The people who make or provide goods and services |
| 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 good and services purchased after customers compare products to get the best quality, price, and/or service |
| Specialty products: | Consumers good and services with special or unique characteristics that customers are willing to exert special efforts to obtain |
| Staple item: | A frequently purchased item that business keep on hand continuously because the demand for it is constant |
| Supplies: | Industrial goods that are constantly being purchased and uses up in the operation of a business |
| Tangible: | Capable of being touched, smelled, tasted, seen, or heard; physical |
| Ultimate consumers: | 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 then desire |
| Want: | A desire for something that may or may not be required |
Created by:
jullie.h091
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