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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.

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