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2.02 Economic Goods
Objective 2.02
| Term | Definition |
|---|---|
| Consumer goods and services | Products produced for personal consumption |
| Consumers | People who us 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, scare, and transferable and which satisfy economic want |
| Economic service | productive acts that are useful, scarce, and transferable and which satisfy economic wants |
| Economic want | A deseire 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 produce 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 used to produce others 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 produced |
| Noneconomic want | A desire for something that can be satisfied without spending money |
| Parts | Industrial goods that become part of the finished product after they have been produced |
| b |
Created by:
Jackie_Devone
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