Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
A202 Key Terms
Economic goods and services
| Term | Definition |
|---|---|
| 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, and 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 a business but not used in the actual productions 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 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 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 product to get the best quality, price, and/or service |
| specialty products | consumer goods and services with a 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 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:
yeraldin.c613
Popular Business sets