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2.02 goods & service
Objective 2.02
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items 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 or activity of using goods and services, the economic process, or activity of using goods and services |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| Distribution | The economic process or activity, which income is divided among resource owners and producers |
| Economic goods | The human and natural resources in capital goods used to produce goods and services |
| Economic resources | The human and natural resources in capital goods used to produce goods and services |
| Economical want | A desire for something they can only be satisfied by spending money |
| Economics | The study of how to meet unlimited, competing ones with the limited resources |
| Elastic demand | A form of demand for products in which changes in price correspond to changes in demand |
| Equilibrium | The point at which quantity supplied is equal to the quantity demanded |
| Elasticity | And indication of how changes in price will affect changes and amounts demanded and supplied |
| Equipment | Industrial goods used in the operation of a business, but not used in the actual production of a good or service |
| Excess demand | The situation that exist Wendy man is greater than supply |
| Excess supply | The situation that exists when supply is greater than demand |
| Exchange | the economic process of trading one good or service for another |
| Factors of production | Productive resources, human and natural resources in capital goods |
| Good | Tangible objects that can be manufactured or produced for resale |
| Human resources | People who work to produce goods and services |
| Impulse item | An item purchase 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 in order to use in business operations |
| Inelastic demand | A form of demand in which changes in price do not affect the demand |
| Installations | Hi cost long lasting industrial goods that are used to produce other goods and services |
| Law of demand | Economic principle, which states 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 the quantity of a good service that would be offered for sale varies in direct relation to its price |
| Market research | The systematic gathering, recording and analyzing of data about a specific issue situation or concern that affects of Market |
| Materials | industrial goods that become a part of the 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 company sells to customers |
| Raw materials | Item in their natural state or condition |
| Scarce | Limited |
| Services | Intangible activities that are performed by other people for money products ex that satisfy economic wants |
| Shopping products | Customer goods and services purchased at a customers compare products to get the best quality price and or service |
| Specialty products | Consumer goods and services, the special or unique characteristic that customers are willing to exert special efforts to obtain |
| Staple item | A frequently purchase item that businesses keep on hand continuously, because the demand for it is constant |
| Supplies | Industrial goods that are constantly being purchased in used up in the operation of a business |
| Tangible | Capable of being touch, smell taste it seen heard physical |
| Ultimate consumer | Anyone who personally uses a good or service to satisfy their own once |
| unsought products | Consumer goods and services brought out of necessary or adversity rather than desire |
| want | A desire for something that may or may not be required |
Created by:
user-2014717
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