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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 service |
| Consumer goods | Products produced for personal consumption |
| Consumers | People who use goods and services to satisfy wants |
| Consumption | The process or activity of using goods and services; the economic process or activity of using goods and service |
| 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 divided among resource owners and producers |
| Economic goods | Physical objects that are useful, scarce, and transferable and which satisfy economic wants |
| Economic goods | Physical objects that are useful, scarce, transferable and which satisfy wants |
| Economic resources | The human and natural resources and capital goods used to produce goods and serivce |
| 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, 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 if 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 operation |
| 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 quality of 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 be offered for sale varies in direct relation to its price |
| Market research | The systematic gathering, recording, and analyzing or 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 processing |
| Noneconomic wants | 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 material | 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 in 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:
NazariF_
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