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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 of activity of using goods and services, the economic process or activity of using goods and services. |
| Convenience products | consumer goods and services purchases 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 |
| 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, 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 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 demanded | The situation that exists when demanded 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 increase 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 its price. |
| Market Research | The systematic gathering, recording, and analyzing of date 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 money. |
| Parts | Industrial goods that become part of a finished product without any additional processing. |
| Producers | The people who make or provide good 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 preformed 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 product | 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 business 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:
daniel jorge
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