Economic Goods And Services

Question 1

Want

Answer 1

Desire for things

Question 2

Economic want

Answer 2

If you need money to satisfy it

Question 3

Noneconomic want

Answer 3

If you don’t need money satisfy it

Question 4

Economic good

Answer 4

Satisfies economic wants, tangible, scarce, transferable

Question 5

Economic services

Answer 5

Satisfy economic wants, useful, scarce, transferable, not tangible

Question 6

Consumer

Answer 6

People who use goods and services

Question 7

Human wants are limited or unlimited

Answer 7

Unlimited

Question 8

If a good or service is scarce, consumers will usually be

Answer 8

Willing to pay money to get it

Question 9

Economic “votes” are cast by consumers each time they

Answer 9

Make a purchase

Question 10

Producers respond to consumers’ positive economic “votes” by

Answer 10

Increasing production

Question 11

Market research

Answer 11

Devoting time and money to find out exactly what consumers want

Question 12

Unlimited consumer

Answer 12

Anyone who personally uses a good or service to satisfy their wants-the final user

Question 13

Producers

Answer 13

The people who make or provide goods and services

Question 14

Raw materials

Answer 14

Materials needed to make the finished products

Question 15

Convenience products

Answer 15

Consumers purchase quickly and without much thought it effort, usually low-cost items.

Question 16

Staple items

Answer 16

Bread or milk (convenience product)

Question 17

Impulse items

Answer 17

Candy bar at the checkout or a quick car wash on the way home (convenience product)

Question 18

Shopping products

Answer 18

When consumers shop around to find the best quality, price, or service.

ex. Furniture, computers, college educations

Question 19

Specialty products

Answer 19

Items with special or unique characteristics that consumers are willing to exert special efforts to obtain

Question 20

Unsought products

Answer 20

Are bought out of the adversity instead of desire.

Ex. Coffin, crutches, life insurance

Question 21

What are all the consumer products

Answer 21

Convenience, shopping, specialty, and unsought

Question 22

What are all the industrial products

Answer 22

Materials, parts, installations, equipment, and supplies

Question 23

Materials

Answer 23

Items become part of a finished product after being processed, raw materials.

Ex. Wheat, trees, gold

Question 24

Parts

Answer 24

These items will become part of a finished product but don’t require any additional processing.

Ex. Bolts, screws, tires

Question 25

Installations

Answer 25

High-cost, long-lasting items that are used to produce other goods.

Ex. Buildings, conveyor belts, blast furnaces

Question 26

Equipment

Answer 26

Used in the operation of a business but not used in the actual production. Cost less and shorter life span than installations

Computers, forklifts, telephones

Question 27

Supplies

Answer 27

Constantly being purchased and are used in the operation of a business

Cash register tapes, pencils, shipping materials

Question 28

Why do marketers classify goods and services

Answer 28

To aid in marketing planning

Question 29

What determines whether an economic product is an industrial product or a consumer product

Answer 29

Who buys and uses the product