Consumer goods and services

Products produced for personal consumption.

People who use goods and services to satisfy their wants

Consumer goods and service purchased quickly and without much thought or effort.

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

Productive acts that are useful, scarce, and transferable and which satisfy economic wants.

A desire for something that can only be satisfied by spending money.

Industrial goods used in the operation of a business but not used in the actual production of a good or service.

Tangible objects that can be manufactured or produced for resale.

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.

High-cost, long-lasting industrial goods that are used to produce other goods and services.

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market.

Industrial goods that become part of a finished product after they have been processed.

A desire for something that can be satisfied without spending money.

Industrial goods that become part of a finished product without any additional processing.

The people who make or provide goods and services.

A good or service that a company sells to customers.

Items in their natural state or condition.

Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.

Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service.

Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain.

A frequently purchased item that businesses keep on hand continuously because the demand for it is constant.

Industrial goods that are constantly being purchased and used up in the operation of a business.

Capable of being touched, smelled, tasted, seen, or heard; physical.

Anyone who personally uses a good or service to satisfy their own words.

Consumer goods and service bought out of necessity or adversity rather than desire.

A desire for something that may or may not be required.

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Economic Good and Services

Term	Definition
Consumer goods and services	Products produced for personal consumption.
Consumers	People who use goods and services to satisfy their wants
Convenience products	Consumer goods and service purchased quickly and without much thought or effort.
Economic goods	Physical objects that are useful, scarce, and transferable and which satisfy economic wants
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.
Equipment	Industrial goods used in the operation of a business but not used in the actual production of a good or service.
Goods	Tangible objects that can be manufactured or produced for resale.
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.
Installations	High-cost, long-lasting industrial goods that are used to produce other goods and services.
Market research	The systematic 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 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 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 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 words.
Unsought products	Consumer goods and service bought out of necessity or adversity rather than desire.
Want	A desire for something that may or may not be required.

Created by: kristina.o008

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