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Obj A202 Economic
| Question | Answer |
|---|---|
| Consumer good and services | Products produced for personal consumption |
| Consumer | People who use goods and services to satisfy their wants |
| Convenience Products | Consumer goods and services purchased |
| Economic goods | Physical objects that are useful, scare and transferable and which satisfy economic wants |
| 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 |
| 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 |
| Impluse 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 and services and/or to use in business operations |
| Installations | High-cost, long-lasting industrial goods that are used to produced other goods and services |
| Market research | The systematic gathering, recording, and analyzing of fata about gift services |
| 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 | Industrials goods that become part of a finished product without and additional processing |
| Producers | The people who make or provide goods and services |
| Product | A good or service that a company sells or condition |
| 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 | Consumer goods and services purchased after customers comepare products to get the best quality, price, and or serivces |
| Specialty products | Consumer goods and services with special or unique characteristics that customers are willing to exert special effort to obtain |
| Staple item | A frequently purchased item that businesses keep on hand continuously |
| Supplies | Industrials goods that are constantly being purchased and used up in the operation of a business |
| Tangible | Capable or 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 |
Created by:
T. Tart
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