INTRODUCTION TO ECONOMICS 2

Products produced for personal consumption:

• consumer goods and services

• equipment.

• goods.

• installations.

Capital goods used in the operation of a business but not used in the actual production of a good or service:

• equipment.

• goods.

• materials.

• non-economic want.

Tangible objects that can be manufactured or produced for resale:

• goods.

• services.

• wants.

• needs.

Industrial goods that become part of the finished product after they have been processed:

• materials.

• goods.

• parts.

• impulse items.

The people who make or provide goods and services:

• producers.

• consumers.

• shoppers.

• purchasers.

Intangible activities that are performed by other people for money; productive acts that satisfy economic wants:

• services.

• wants.

• needs.

• staple item.

Capable of being touched, smelled, tasted, seen, or heard:

• tangible.

• supplies.

• staple item.

• want.

A desire for something that may or may not be required:

• want.

• need.

• unsought product.

• specialty product.

How do you satisfy your unlimited wants in a world of limited resources?

• by making more money
• by making choices
• by stealing
• by setting a budget

A good that typically will have a lifetime of over three years.

• capital good

• durable good

• nondurable good

• consumer good