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2.02 Economic Concep

Understanding fundamental economic concepts

TermDefinition
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.
Convenience products Consumer goods and services purchased quickly and without much thought or effort.
Consumers People who use goods and services to satisfy their wants.
Equipment Industrial goods used in the operation of a business but not used in the actual production of a good or service.
Economic goods Physical objects that are useful, scarce, 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.
Goods Tangible objects that can be manufactured or produced for resale.
Impulse item Any item purchased as a result of an on-the-spot decision to buy.
Installations High-cost, long-lasting industrial goods that are used to produce other goods and services.
Market research The systematic gathering, recording, and analyzing 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.
Industrial goods and services Products purchased by producers for resale to make other goods and services, and/or to use in business operations.
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.
Services Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
Noneconomic want Desires for things that can be obtained without spending money.
Opportunity cost The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.
Price The amount of money paid for a good, services, or resource.
Production The economic process or activity of producing goods and services.
Scarcity A condition resulting from the gsap between limited resources and unlimited wants for goods and services.
Supplies Industrial goods that are constantly being purchased and used up in the operation of a business.
Specialty products Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain.
Want A desire for something that is not required.
Staple item A frequently purchased item that businesses keep on hand continuously because the demand for it is constant.
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 or services bought out of necessity or adversity rather than desire.
Created by: mjewett
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