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, scarce, and transferable and which satisfy economic wants
Economic services
Productive acts that are useful, scarce, and transferable and which satisfy economic wants
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, to make other goods and services, and/or to use in business operations
Installations
Industrial goods that are used to produce other goods and services
Market research
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market
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
Producers
The people who make or provide goods and services
Raw materials
Items in their natural state or condition
Scarce
Limited
Want
A desire for something that may or may not be required
Unsought products
Consumer goods and services bought out of necessity or adversity rather than desire
Ultimate consumer
Anyone who personally uses a good or service to satisfy his/her own wants
Shopping products
Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service
Tangible
Capable of being touched, smelled, tasted, seen, or heard
Specialty products
Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain
Supplies
Industrial goods that are constantly being purchased and used up in the operation of a business
Staple item
A frequently purchased item that businesses keep on hand continuously because the demand for it is constant