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obj 2.02
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 products | consumer goods and services purchased quickly and without much thought or effort |
| Economic Goods | Physical objects that are useful, scarce, and transformable and that satisfy economic wants |
| Economic services | Productive acts that are useful useful, scarce, and transformable 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 is not used in the actual production of a good or service |
| goods | tangible objects that can be manufactured or produced for resales |
| impulse item | any item purchased as a result of an on-the-spot decision |
| industrial goods and services | products purchased by products by producers for resale, to make other goods and services, &/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 |
| producers | the people who make or provide goods and services |
| product | a good or service that a company sells to the 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 consumer | 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:
user-1789374
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