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A202 Key terms
Economic goods and services
| Question | Answer |
|---|---|
| consumer goods and services | products produced for personal consumption |
| consumers | people who use goods and services to satisfy their wants |
| convenience product | 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 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 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 |
| non economic 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 preformed 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 customer | 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. |
Created by:
MadisonTroub
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