| A | B |
|---|
| Consumer goods and services | Products produced for personal consumption |
| Consumers | People who use goods and services to satisfy their wants |
| Convenience products | Consumer goods and services purchased quickly and without much thought or effort |
| Economic goods | Physical objects that are useful |
| Economic services | Productive acts that are useful |
| Economic want | A desire for something that can only be obtained by spending money |
| Equipment | Industrial goods used in the operation of a business but not used in the actual production of a good or service |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Impulse item | Any item purchased as a result of an on the spot decision to buy |
| Industrial goods and services | Products purchased by producers for resale |
| Installations | Industrial goods that are used to produce other goods and services |
| Market research | The systematic gathering |
| Materials | Industrial goods that become part of the finished product after they have been processed |
| Noneconomic want | A desire for something that can be obtained without spending money |
| Parts | Industrial goods that become part of finished goods without any additional processing |
| Producers | The people who make or provide goods and services |
| Raw materials | Items in their natural state or condition |
| Scarce | Limited |
| Service(s) | “Intangible activities that are performed by other people for money; productive acts that satisfy economic wants” |
| Shopping products | Consumer goods and services purchased after customers compare products to get the best quality |
| Specialty products | Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain |
| Staple item | A frequently purchased item that businesses keep on hand continuously because the demand for it is constant |
| Supplies | Industrial goods that are constantly being purchased and used up in the operation of a business |
| Tangible | “Capable of being touched |
| Ultimate consumer | Anyone who personally uses a good or service to satisfy his/her own wants |
| Unsought products | Consumer goods and services bought out of necessity or adversity rather than desire |
| Want | A desire for something that may or may not be required |
