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2.02 Study Stuck
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 quality of a good or services 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, scarce, and transferable and which satifsy 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, scares, and transferable and which satisfy economic wants |
| Economic want | A desire for something that can be only 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 amount demeaned 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 grater than supply |
| Excess supply | The situation that exists when supply is greater than demand |
| Exchange | The economic process of trading one good/ services 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 others 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 and Demand | Economics principle which states that the quality of a good or services that people will buy varies inversely with the price of the goods or services |
| Law of supply and demand | Economics 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 | Economics 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 product after they have been processed |
| Noneconomic want | A desire for something that can be satisfied without spending any 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 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 staify economic wants |
| Shopping products | Consumer goods and services purchased after costumers 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 effort 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, tasted, seen, or heard; physical |
| Ultimate consumer | Anyone who personally uses a good or service to satisfy their own want |
| Unsought products | Consumer goods and services bought out of necessity or adversity rather then desire |
| Wants | A desire for something that may or may not be required |
| ds |
Created by:
Kevin.z139
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