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economicgood&service
2.02
| 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 services 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 a on the spot decision to buy |
| Industrial goods and services | products purchased by producer for resale to make other goods and services and 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 specific issue situation or concern that affects the market |
| Materials | industrial goods that become part of a finished product after they have not 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 the customers |
| Raw materials | items in their natural state or condition |
| Scarce | limited |
| Services | intangible activates that are performed by other people for money productive acts that satisfy economic wants |
| Shopping products | consumer goods or products purchased after customer compare products to get the best quality price or service |
| Specialty products | consumer goods or 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 customer | 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:
user-1964952
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