Intro to Bus-Goods and Services

Consumer goods and services

• Products produced for personal consumption

• Physical objects that are useful, scarce, and transferable and which satisfy economic wants

• Tangible objects that can be manufactured or produced for resale

Consumers

• The people who make or provide goods and services

• Physical objects that are useful, scarce, and transferable and which satisfy economic wants

• People who use goods and services to satisfy their wants

Convenience products

• Products produced for personal consumption

• Consumer goods and services purchased quickly and without much thought or effort

• Tangible objects that can be manufactured or produced for resale

Economic goods

• A desire for something that can only be obtained by spending money

• Productive acts that are useful, scarce, and transferable and which satisfy economic wants

• Physical objects that are useful, scarce, and transferable and which satisfy economic wants

Economic services

• Products purchased by producers for resale, to make other goods and services, and/or to use in business operations

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

• Productive acts that are useful, scarce, and transferable and which satisfy economic wants

Economic want

• Physical objects that are useful, scarce, and transferable and which satisfy economic wants

• Items in their natural state or condition

• A desire for something that can only be obtained by spending money

Equipment

• Consumer goods and services purchased quickly and without much thought or effort

• Any item purchased as a result of an on‑the‑spot decision to buy

• Industrial goods used in the operation of a business but not used in the actual production of a good or service

Goods

• Limited

• Tangible objects that can be manufactured or produced for resale

• Industrial goods that are constantly being purchased and used up in the operation of a business

Impulse item

• Any item purchased as a result of an on‑the‑spot decision to buy

• Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain

• Consumer goods and services bought out of necessity or adversity rather than desire

Industrial goods and services

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

• Products purchased by producers for resale, to make other goods and services, and/or to use in business operations

• A frequently purchased item that businesses keep on hand continuously because the demand for it is constant