2-3 Glossary -Differentiate Between Goods & Services

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Convenience Products

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Products that are easy for consumers to find and buy.

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Economic Good

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A tangible item that has utility, is scarce, and is transferable.

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Economic Need

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An item that is required, essential, or very important, well beyond just a desire.

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Economic Want

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Desire for goods, services or intangible items that can only be acquired by spending money – items like a car, or a haircut, or a patent.

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Economic Service

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An intangible provision that has utility, is scarce, and is transferable.

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Economic Utility

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Something’s usefulness and the degree to which wants are satisfied.

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End User

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The ultimate consumer or industrial user, also called the final user, or final customer.

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Industrial User

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A person or group that actually uses the product as a part of their business operations or uses it to make other products, in contrast to intermediaries that may purchase the product along the way of the distribution channel.

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Noneconomic Want

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A desire that doesn't require money to be obtained, like talking to a friend.

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Producer

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An entity that manufactures a product or provides a service.