A202 Key Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Consumer goods and services | products produced for personal consumption
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| consumers | people who use goods and services to satisfy their wants
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| convenience products | consumer goods and services purchased quickly and without much thought or effort
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| economic goods | physical objects that are useful and scarce and which satisfy economic economic wants
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| economic services | productive acts that are useful and scarce and which satisfy economic wants
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| economic want | a desire for something that can only be satisfied by spending money
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| equipment | industrial goods used in the operation of a business but not used in the actual production of a good or service
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| goods | tangible objects that can be manufactured or produced for resale
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| impulse item | any item purchased as a result of an on-the-spot decision
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| industrial goods and services | products purchased by producers for resale, to make other goods/services or to use in business operations
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| installations | high-cost, long-long lasting industrial goods that are used to produce other goods and services
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| market research | the systematic gathering, recording and analyzing of data about a specific issue, situation or concern that affects a market
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| materials | industrial goods that become a part of a finished product after they have been processed
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| noneconomic want | a desire for something that can be satisfied without spending money
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| parts | industrial goods that become a part of a finished product without any additional processing
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| producers | the people who make or provide goods and services
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| raw materials | items in their natural state
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| product | a good or service that a company sells to customers
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| scarce | limited
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| services | intangible activities that are done by other people for money
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| shopping products | consumer goods and services purchased after customers compare products to get the best quality, price and/or service
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| specialty products | consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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