click below
click below
Normal Size Small Size show me how
Obj A202
Economic Goods and Services
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 services purchased quickly and without much thought and 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 | Industrials goods used in 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 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 service |
Product | A good or service that a company sells to customers |
Raw materials | Items 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 service purchased after customers compare products to get the best quality price and or service |
specialty products | Consumer goods and service with special or unique characteristics that customers are willing to exert special efforts 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 smelled tasted seen or heard physical |
Ultimate consumer | Anyone who personally uses a good or service to satisfy their own wants |
Unsought products | Consumer goods and services bought out of necessity or adversity rather than desire |
Want | A desire for something that may or may not be required |