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A202 Key Term

Economic Goods and Serivces

QuestionAnswer
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, scarce, transferable and that satisfy economic wants.
Economic services Productive acts that are useful, scarce, and transferable and that 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 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 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.
Installations High-cost, long-lasting industrial goods that are used to produce other goods and service.
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 service 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 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.
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 Consumer Anyone who personally uses a good or services 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: Jay.l
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