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A202EC-902
business
| Term | Definition |
|---|---|
| consumer goods and services | products produced for personal consumption |
| consumers | people who use goods and services to satisfy their wants |
| conveience 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 are useful scarce and transferable and which satisfy economic wants |
| Economis want | A desire 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 goods or service |
| goods | Tangible objects that can be manufactured or produced for resale |
| Impulse item | any item purchased as 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-school long-lasting industrial goods that are used to produce other goods and services |
| market research | industrial goods that become part of a finished product after they been processed |
| noneconomic want | A desire for that 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 |
| 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 goods and services purchased after customers compare products to get the best quality price and or service |
| specialty products | consumer goods and services with specaial or unique characterisics that customers are willing to exert special effors to obtain |
| staple item | A frequently purchased item that businesses keep hand continuously because the demand for it is constant |
| supplies | Industral 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 used good or service to satisfy their own wants |
Created by:
jessica.d898