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A202 key terms

Economic Goods and Serivces

TermDefinition
consumers good and services products produced for personal consumptions
consumers people who use goods and services to satisfy there wants
Convince products consumers 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 products that act useful, scare, and transferable 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 not used in the actual production of good or service
Goods Tangibles 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 services Products purchased by producers for resale, to make other goods and services, and/or to use in business operations
Installations High-cost long-lasting industrial goods and that are used to produce other goods and services
Market research The system 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 finish 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 the finishing 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
Scarcer 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 specials or unique characteristics that customers are willing to expert specials efforts to obtain
Staple item A frequently purchased item that businesses keep on hand constantlly because the demand for it is constant
Supplies Industrial good 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
Untimed products Anyone who personally used good or services to satisfy their own wants
Unsought products Consumers 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: madisyn.m837
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