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2.02 Economic Goods
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 uses goods and services to satisfy their wants |
| consumption | the process or activity of using goods and services the economic process or activity of using good and services |
| convenience products | consumers goods and services purchased quickly and without much thought or effort |
| demand | the quantity of a good or services purchased quickly and without much thought or effort |
| distribution | the economic process or activity by which income is didvied among resources owners and producers |
| economic goods | phyiscal 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 services |
| 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 |
| 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 amounnts 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 that supply |
| excess supply | the situation that exists when demand is greater than supply |
| 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 manufatured or produced for resale |
| human resources | people who work to produce goods and services |
| impulse item | any item purchased by producers for 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 others goods and service |
| 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 of 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 o its price |
| 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 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 services 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 wants |
| shopping products | consumers goods and services with special or unique characteristics that customers are willing to exert special effort to obtain |
| specialty products | consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtian |
| 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 consumers | anyone who personally uses a good or services to satisfy their own wants |
| unsought products | consumers goods and services bought out of necessity or adversity rather then desire |
| want | a desire for something that may or may not be required |
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