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2.02 key terms

Economic goods and services

TermDefinition
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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