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A202 Key Terms

economic goods and services

consumer goods and services products produced for personal consumption
consumers people who use goods and services to satisfy their wants
convenience products consumer goods and services purchased quickly and without much thought or effort
economic goods physical objects that are useful, scarce, and transferable and that satisfy economic wants
economic services productive acts that are useful, scarce, and transferable;e and that satisfy economic wants
economic 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 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 data about a specific issue, situation, or concern that effects the maket
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 goods and services purchased after customers compare products to get the best quality, price, and/or service
specialty products consumer goods and services 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 wants
unsought products consumer goods and services bought out of necessity or adversity rather than desire
want a desire for something that may not be required
Created by: cassie.d138
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