Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
a202 ec-902 glossary
economic goods and servicees
| Term | Definition |
|---|---|
| consumer good and services | production produced for personal consumption |
| consumers | people who use goods and services to satisfy their wants |
| convenience products | consumers goods and services purchased quickly without much thought or effort |
| economic goods | physical objects that are useful, scarce, and transferable and that satisfy economic wants |
| economic services | productive acts that are useful, scarce, and transferable ant that satisfy economic wants |
| economic wants | 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 the 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 services | products purchased by producers for resale , to male others goods and services , and or to use in business operations |
| installations | 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 wants | A desire for something that can be satisfied without spending money |
| parts | industrial goods that become part of a finished product after they have been processed |
| producers | the people who make and provide goods and services |
| product | a goods or service that a company sells to customers |
| raw materials | items in their natural state or condition |
| scarce | limited |
| services | intangible activities that are preformed by others for money ; productive acts that satisfy economic wants |
| shopping products | consumer 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 characteristic that customers are willing to exert special efforts to obtain |
| staple items | 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 used up in the operation of a business |
| tangible | capable of being touched, smelled, seen, or heard; physical |
| ultimate comsumer | anyone who personally uses a good or service to satisfy their own wants |
| unsought products | consumer 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:
andrew.e509
Popular Business sets