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Characteristics
wants
| Term | Definition |
|---|---|
| unlimited | everyone always has them. Includes individuals, businesses, and governments |
| Changeable | wants change, think of things that children want vs what teens want vs sr citizens want. |
| Competing | everyone must choose which wants to satisfy at any one time because resources are limited. Don’t have enough resources to satisfy all needs at the same time. |
| Economic goods: | tangible objects and physical Must be useful Must be scarce; not enough for everyone Transferable |
| Economic service: | Productive acts that satisfy economic wants Must be useful, scarce, and transferable Not physical objects Intangible activities performed by others for certain amount of money |
| Ultimate consumers | anyone who personally uses a good/service to satisfy their own wants |
| Industrial goods and services | Purchased by producers For resale To make other goods and services To use in operating their businesses buildings,equipment and office supplies Many producers must purchase raw materials Aka producer goods and services |
| Convenience products | Staple items-bread or milk Impulse items-candy bar at checkout counter or quick car wash on way home from work |
| Shopping products: | pay for more shopping products than convenience products Usually want advice of salesperson |
| Specialty products: | Time special or unique characteristics consumers willing to exert special efforts to obtain Special characteristics: brand names |
| Unsought products: | Bought out of adversity instead of desire Examples: coffin, crutches, life insurance policy Not items consumers think about needing, necessary circumstances Requires explanation/demonstration from knowledgeable salesperson |
| Materials | items become part of finished product after its been processed Some are raw materials producer receives almost as appeared in natural state |
| Parts | items become part of finished product Needs any additional processing |
| Installations | high-cost, long lasting items used to produce goods and services Affects amount of goods/ services producer can expect to make |
| Equipment | products used in operation of business but not used in actual production of good or service Cost less have shorter life span than install |
| Supplies | constantly being purchased and used in operation of business Usually least costly type of industrial product |
| Economic Resource | The humans and natural resources and capital goods used to produce goods and services. |
| Production | the economic process/activity of producing economic goods and services |
| Natural resources: | times found in nature that are used to produce goods and services |
| Human resources | people who worked to produce good and services |
| Capital Goods | manufactured or constructed items that are used to produce goods and services |
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