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BE A202 Key Terms

A202 Key Terms

TermDefinition
Consumer goods and services products produced for personal consumption
consumers people who use goods and services to satisfy their wants
convenience products consumer goods and services purchased quickly and without much thought or effort
economic goods physical objects that are useful and scarce and which satisfy economic economic wants
economic services productive acts that are useful and scarce and which satisfy economic wants
economic want a desire for something that can only be satisfied by spending money
equipment industrial goods used in the operation of a business but not used in the actual production of a good or service
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
industrial goods and services products purchased by producers for resale, to make other goods/services or to use in business operations
installations high-cost, long-long lasting industrial goods that are used to produce other goods and services
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 a 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 a part of a finished product without any additional processing
producers the people who make or provide goods and services
raw materials items in their natural state
product a good or service that a company sells to customers
scarce limited
services intangible activities that are done by other people for money
shopping products consumer goods and services purchased after customers compare products 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
Created by: haiden.b498
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