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A202 Key terms

Economic Goods and Services

QuestionAnswer
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 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 & 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 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.
Created by: esmeralda.c112
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