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Obj A202 Economic
Goods and Services
| Term | Definition |
|---|---|
| 1.Consumer goods and services: | Products produced for personal consumption |
| 2.Consumers: | People who use goods and services to satisfy their wants |
| 3.Convenience products: | Consumer goods and services purchased quickly and without much thought or effort |
| 4.Economic goods: | physical objects that are useful, scarce, and transferable and which satisfy economic wants |
| 5.Economic services: | Productive acts that are useful, scarce, and transferable and which satisfy economic wants |
| 6.Economic services: | A desire for something that can only be satisfied by spending money |
| 7.Equipment: | Industrial goods used in the operation of a business but not used in the actual production of a good or service |
| 8.Goods: | Tangible objects that can be manufactured or produced for resale |
| 9.Impulse item: | any item purchased as a result of an on-the-spot decision to buy |
| 10.Industrial goods and services | Products purchased by producers for resale, to make other goods and services, and/or to use in business operations |
| 11.Installations: | High-cost, long-lasting industrial goods that are used to produce other goods and services |
| 12.Market research: | The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market |
| 13.Materials: | Industrial goods that become part of finished product after thy have been processed |
| 14.Noneconomic want: | A desire for something that can be satisfied without spending money |
| 15.Parts: | Industrial goods that become part of a finished product without any additional processing |
| 16.Producers | The people who make or provide goods and services |
| 17.Product: | A good or service that a company sells to customers |
| 18.Raw materials: | Items in their natural state or condition |
| 19.Scarce: | Limited |
| 20.Services: | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| 21.Shopping products: | Consumer goods and services purchased after customer compare products to get the best quality, price, and/or service |
| 22.Specialty products: | Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain |
| 23.Staple item: | A frequently purchased item that businesses keep on hand continuously because the demand for it is constant |
| 24.Supplies: | Industrial goods that are constantly being purchased and used up in the operation of a business |
| 25.Tangible: | Capable of being touched, smelled, tasted, seen, or heard; physical |
| 26.Ultimate consumer: | Anyone who personally uses a good or service to satisfy their own wants |
| 27.Unsought products: | Consumer goods and services bought out of necessity or adversity rather than desire |
| 28.Want: | A desire for something that may or may not be required |
Created by:
fernando.g754
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