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The <strong>Goods</strong> on<br />
<strong>Goods</strong> & <strong>Services</strong><br />
Alexia Concepcion-Montanez
Wants<br />
- Desires for things that<br />
we may or may not<br />
actually require. A want<br />
can be a craving
Economic Good<br />
-“Things” that<br />
people buy to<br />
satisfy their<br />
economic<br />
wants
Scarce<br />
-There is not<br />
enough of it so<br />
that anyone and<br />
everyone can<br />
freely have as<br />
much as they want.
Economic Wants<br />
-If you need to<br />
spend money to<br />
satisfy a want, such<br />
things as sports<br />
equipment, cars,<br />
haircuts, manicures,<br />
jewelry, and<br />
furniture.
Noneconomic Wants<br />
-Wants that can<br />
be satisfied<br />
without<br />
spending<br />
money
Economic <strong>Services</strong><br />
-Productive acts<br />
that satisfy<br />
economic wants
Market Research<br />
-Companies<br />
devoting a great<br />
deal of time and<br />
money to find out<br />
exactly what<br />
consumers want
Producers<br />
-The people who<br />
make or provide<br />
goods and<br />
services.
Staple Items<br />
-A principal raw<br />
material or commodity<br />
grown or produced in<br />
a region. A basic<br />
dietary item, such as<br />
flour, rice, or corn.
Impulse Items<br />
-Merchandise likely<br />
to be bought<br />
on impulse or<br />
without significant<br />
forethought as<br />
opposed to staple or<br />
essential goods.
Tangible<br />
-Must be able to<br />
feel, smell,<br />
taste, see, or<br />
hear the object.
Useful<br />
-Be able to<br />
satisfy human<br />
wants.
Transferable<br />
-Easily obtained
Ultimate Consumer<br />
-Anyone who<br />
personally uses a<br />
good or service to<br />
satisfy his/her own<br />
wants; the final<br />
user
Convenience Products<br />
-Consumers<br />
purchase these<br />
items quickly and<br />
without much<br />
thought or effort.
Shopping Products<br />
-When buying<br />
shopping products,<br />
consumers “shop<br />
around” to get the<br />
best quality, price,<br />
and/or service
Specialty Products<br />
-These are items<br />
with special or<br />
unique<br />
characteristics that<br />
consumers are<br />
willing to exert<br />
special efforts to<br />
obtain
Unsought Products<br />
-Items bought out<br />
of adversity<br />
instead of<br />
desire.
Materials<br />
-These items become<br />
part of a finished<br />
product after they<br />
have been processed.
Parts<br />
-These items will<br />
become part of a<br />
finished product, but<br />
they do not need<br />
any additional<br />
processing.
Installations<br />
- These are high-cost,<br />
long-lasting items that<br />
are used to produce<br />
other goods and services
Equipment<br />
-These products are<br />
used in the operation<br />
of a business but are<br />
not used in the actual<br />
production of a good<br />
or service.
Supplies<br />
-These products are<br />
constantly being<br />
purchased and used<br />
up in the operation<br />
of a business.