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Economic Goods and S
Objective 2.02
| Term | Definition |
|---|---|
| capital goods | Manufactured or constructed items that are used in the production of goods and services |
| Consumer goods and services | products produced for personal consumption |
| Consumers | people who use goods services to satisfy their wants |
| Consumption | The process or activity of using goods and services, the economic process or activity of using goods services |
| convenience products | Consumer goods and services purchased quickly and without much thought or effort |
| 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 by which income is divided among resource owners and producers |
| Economic goods | physical objects that are useful, scare, and transferable and which satisfy economic wants |
| Economic resources | the human and natural resources and capital goods used to produce goods and service |
| economic services | productive acts that are useful, scare, and transferable and which satisfy economic wants |
| Economic want | a desire for something that can only be satisfied by spending money |
| Economics | The study of how to meet unlimited, competing wants with limited resources |
| Elastic demand | a form of demand for products in which changes in price correspond to changes in demand |
| Elasticity | an indication of how changes in price will affect changes in the amounts demanded and supplied |
| equilibrium | the point at which the quantity supplied is equal to the quantity demanded |
| 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 exists when demand is greater than supply |
| Excess supply | The situation that exists when supply is greater than demand |
| exchange | the economic process of trading one good/service for another |
| Factors of production | productive resources; human and natural resources and capital goods |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Human resources | people who work to produce goods and service |
| 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 |
| inelastic demand | a form of demand in which changes in price do not affect demand |
| installations | high-cost, long-lasting industrial goods that are used to produce other goods and services |
| law of demand | economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service |
| law supply and demand | economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low |
| law of supply | economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price |
| market research | the systematic gathering, recording, and analyzing of data and a specific issue, situation, or concern that affects a market |
| materials | industrial goods that become part of a finished products 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 want |
| shopping products | consumer goods and service purchased after customers compare productive 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 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 |
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