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Obj 2.02
Business
| Term | Definition |
|---|---|
| Consumer goods and services: | Products produced for personal consumption. |
| Consumer : | People who use goods and services to satisfy their wants. |
| Convenience products: | Consumer goods and services purchased quickly and whthout much thought or effort. |
| Economic goods: | Physical 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 that can be manufactured or produced for resale. |
| Impulse item: | Any item purchased as a result of 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 indrustrial goods that are used to produce other goods and services. |
| Market research: | The systematic gathering, and recording, and analyzing of data about a specific issue, situation, or concen 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 atcs 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 abd 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: | Indrutrial goods that are constantly being purchased and used up in the opeeration 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. |
| Unsoungt products: | Consumer goods and services bought out of nrcessity or adversity rather than desire. |
| Want: | A desire for something that may or may not be required. |
Created by:
user-1969263
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