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2.02 Key terms
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 a given price at a particular time |
| Distribution | The economic processor activity by which income is divided among resource owners and producers |
| Economic goods | Physical object that are useful, scare, and transferable and which satisfy economic wants |
| Economic resources | The human and natural and capital goods used to produce goods and services |
| 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 and supplied |
| Elasticity | An indication of how changes in price will effect 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 business but not used the actual production of a good or service |
| Excess demand | The situation the exits 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 good that are used to produce goods and services |
| law and demand | Economic principle which states which states that the quantity of a good or service that people will buy varies inversely with the price of the good of the good or service |
| law of supply and demand | Economic principle which states that the supply of goods 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 be offered for sale varies in direct relation to its price |
| 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 finished products 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 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 forces to obtain |
| Staple Item | A frequently purchased item that businesses keep on hand continuously because the demand for it is constant |
| Tangible | Capable of being touched, smelled, tasted, seen, or heard; physical |
| Ultimate customer | Anyone who personally uses a good or service to satisfy thier own wants |
| unsought products | Consumer goods and services bought out a necessity or adversity rather than desire |
| Want | A desire for something that may or may not be required |
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