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A202 key terms
Economic Goods and Serivces
| Term | Definition |
|---|---|
| consumers good and services | products produced for personal consumptions |
| consumers | people who use goods and services to satisfy there wants |
| Convince products | consumers goods and services purchased quickly and without much thought or effort |
| Economic goods | physical objects that are useful, scare and transferable and that satisfy economic wants |
| Economic services | products that act useful, scare, 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 production of good or service |
| Goods | Tangibles 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 and that are used to produce other goods and services |
| Market research | The system 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 finish 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 the finishing 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 |
| Scarcer | Limited |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| Shopping products | consumers goods and services purchased after customers compare products to get the best quality, price and/or service |
| specialty products | Consumers goods and services with specials or unique characteristics that customers are willing to expert specials efforts to obtain |
| Staple item | A frequently purchased item that businesses keep on hand constantlly because the demand for it is constant |
| Supplies | Industrial good 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 |
| Untimed products | Anyone who personally used good or services to satisfy their own wants |
| Unsought products | Consumers 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:
madisyn.m837
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