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2.02 Key
Business Essentials
| Term | Definition |
|---|---|
| Capital Goods | Manufactured or constructed items that are used in the production of goods and services. |
| Consumer goods and Services | Products produced for personal consumption. |
| Consumers | People who use goods and services to satisfy their wants |
| Consumption | The process or activity of using goods and services; the economic process or activity of using goods and services. |
| Convenience Products | Consumer goods and services purchased quickly and without much thought or effort. |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time. |
| Distribution | The economic process or activity by which income is divided among resource owners and producers. |
| Economic Goods | Physical objects that are useful, scare, and transferable and which satisfy economic wants. |
| Economic Resources | The human and natural resources and capital goods used to produce goods and services. |
| Economic Services | Productive acts that are useful, scare, and transferable and, which satisfy economic wants. |
| Economic Want | A desire for something that can only be satisfied by spending money. |
| Economics | The study of how to meet unlimited, competing wants with limited resources. |
| Elastic Demand | A form of demand for products in which changes in price correspond to changes in demand. |
| Elasticity | An indication of how changes in price will affect changes in the amounts demanded and supplied. |
| Equilibrium | The point at which the quantity supplied is equal to the quantity demanded. |
| Equipment | Industrial goods used in the operation of a business but not used in the actual production of a good or service. |
| Excess Demand | The situation that exists when demand is greater than supply. |
| Excess Supply | The situation that exists when supply is greater than demand. |
| Exchange | The economic process of trading one good/service for another. |
| Factors of Production | Productive resources; human and natural resources and capital goods. |
| Goods | Tangible objects that can be manufactured or produced for resale. |
| Human Resources | People who work to produce goods and services. |
| 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. |
| Inelastic Demand | A form of demand in which changes in price do not affect demand. |
| Installations | High-cost, long lasting industrial goods that are used to produce other goods and services. |
| Law of Demand | Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service. |
| Law of Supply and Demand | Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low. |
| Law of Supply | Economic principle which states that the quantity of a good or service that will offered for sale varies in direct relation to its price. |
| 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 are performed by other people 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 | Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to 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 used up the operation of a business. |
| Tangible | Capable of being touched, smelled, tasted, seen, or heard; physical. |
| Ultimate Consumer | 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:
brenda.m383
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