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
Business Ess 2.02
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 goods and services the economic process or activity of using goods and services |
| Convenience products | Consumer goods or service purchases quickly and without much thought or effort |
| Demand | The quantity of a good or service that buyers are ready to buy at the 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, scarce, 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, scarce 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, compering 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 prices will affect changes in the amount demanded application |
| Equilibrium | The point at which the quantity supplied is equal to the quantity demanded |
| Equipment | Industrial goods used in the operation of business but not used on the actual production of a good or service |
| Excess demand | The situation that exists when demands is greater than supply |
| Excess supply | The situation that exists when supply is greater than demand |
| Exchange | The economic process of trading on 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 purchases by the producers for resale to make others goods and services, and/or to use in business operations |
| 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 ither goods and services |
| Law of supply and demand | Economic principles which states that the quantity of a good or services that people will increase when demand is great and decrease when demand is low |
| Law of supply | Economic principles which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price |
| Market research | The systematic gathering, recording and analyzing of data about specific issue situation or concern that affect a market |
| Materials | Industrial goods that become part of a finished product after they have neem 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 additional parts |
| 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 the costumer |
| Shopping products | Consumer goods and services purchased after customer compare products to get the best quality price and/or service |
| Specialty products | Consumers goods and services with special or unique characteristics that consumers are willing to expert special effort to obtain |
| Staple item | A frequently purchased items 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 business |
| Tangible | capable of being touched smelled, tasted, seen, or heard; physical |
| Ultimate consumer | anyone who personally uses a good or services 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 many not be required |
Created by:
MakaylaMC
Popular Business sets