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201 Key Term
Business Essentials
| Term | Definition |
|---|---|
| consumer good and sevrice | produced for personal consumption |
| consumers | people who use good services to satisfy their wants |
| convenience products | consumer goods and services purchased quickly and without much thought or effot |
| economic good | pysical objects that are useful scarce and transferable and which satitsfy economic wants |
| economic sevrices | productive acts are useful scarce and transferable and which satisfy econcmic wants |
| economic want | a desire for something that can only be satisfied by spending money |
| equipment | industrial goods uesd in the operation of a business but not uesed in the actual production for good or service |
| goods | tangible objects that can be manfactured or produced for resale |
| impulse item | any item purchased as a result of an on the spot dcision to buy |
| industrial goods and sevrices | products purchased by producers for resale to make other goods and services and or to use in business operation |
| installation | high cost long lasting industrial goodss that are used to produce other goods and servces |
| market research | the systematic gathering recording and analyzing of date about a specific issue situation or concern that affects a market |
| materials | industrial goods that become opart 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 prouduct without any additilonal processing |
| producers | the poeple who make or provide goods and services |
| product | a good or servie that a company sells to custonmers |
| raw materials | items in their natural state or conditon |
| scarce | limited |
| services | intangible activites that are performed by other people for money productive acts that satisfy economic wants |
| shopping products | consumer good and services purchased aftre customers compare products to get the best quality price and or service |
| specialty products | consumer goods and services with specail or ubique characteristics that customers are willing tospecial afforts to abtain |
| staple item | a freqently purchased item that businesses keep on hand continuously because the demand for it is constant |
| supplies | industrial goods that atre constantly being purchased and used up in the operation of a business |
| tangible | capable of being touched smelled tasted seen or heard physical |
| ultmate consumer | anyone who personally uses good or service to satisfy thire own wants |
| unsoguht 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 requied |
Created by:
nykeeia.j352
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