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A 202 key terms
Economics goods and services
| Question | Answer |
|---|---|
| Consumers goods and services | Products produced for personal consumption |
| Consumers | People who use goods and services to satisfy their wants |
| Convenience products | Consumers good and services purchased quickly and without much thought or effort |
| Economics goods | Physical objects that are useful scarce and transferable and that satisfy economics 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 cab 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 ad services and or to use in business operation |
| Installation | 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 are that can be satisfied without spending money |
| Parts | Industrials goods that become part of a finished product without any additional processing |
| Producers | The people who make or provide goods and services |
| 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 | Consumers goods and services purchased after customers compare products to get the best quality price and or service |
| Specialty products | Consumers goods and services with special or unique characteristics that customers are willing to expert special efforts to obtain |
| Staple item | A frequently purchased item that businesses keep om hand contiuously 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 hard physical |
| Ultimate consumer | Anyone who personally uses a good or services bought out of necessary or adversity rather than desire |
| Want | A desire for something that may not be required |
Created by:
jose.b629
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