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2.02 key terms
Economic goods and services
| Term | Definition |
|---|---|
| Consumer goods and services | Products produces for personal consumption |
| Consumer | People who use goods and services to staisfy their wants |
| Convenience products | Consumer goods and services purchased quickly without much thought or effort |
| Economic goods | Physical objects that are useful scarce and transferable and satisfy economic wants |
| economic services | productive acts that are useful scarce and transferable and 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 goods and 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 |
| Industrial goods and services | Products purchased by producers for resale to make other goods and/or to use in business operations |
| Installations | High-cost industrial goods that are used to produce other goods and services |
Created by:
amare.m128
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