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A202 Key Term
Economic Goods and Serivces
| 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 scare and transferable and that satisfy economic wants |
| Economic services | Produce acts that are useful , scarce and transferable and that satisfy economic wants |
| 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 and service | Products purchased by producers for resale, to make other goods and services , and/or to use in business operations |
| 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 | Industrials 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 re performed by other people for money; productive acts that satisfy economic wants |
| Shopping products | Consumer goods and service 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 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 sued up in the operation of a business |
| Tangible | Capable of being touched, tasted, seen, heard; physical |
| Unlimited consumer | Anyone who is personally uses a good or service to satisfy their own wants |
| Unsought products | Consumer goods and services bought out of necessity or adversity rather that desire |
| Want | A desire for something that may or may not be required |
Created by:
valencia.r255
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