Desires for things that we may or many not actually require: Wants. Something that is required for survival: Needs. Desires for such things as sports equipment, cars, haircuts, etc. That you will need to spend money on: Economic Wants. Wants that can be satisfied without spending money: Noneconomic Wants. Items that you spend money on that must be a physical object, must be useful, and must be scarce: Economic Good. Productive act that satisfy economic wants: Economic Service. A thing that is perceptible by touch: Tangible. There is not enough of it so that anyone and everyone can freely have as much as they want: Scarce. People who use goods and services: Consumers. Finding out exactly what consumers want: Market Rearch. The People who make or provide goods and services: Producer. These products are used in the operation of a business but are not used in the actual production of a good or service. i.e. computers, forklifts, telephones: Equipment. These products are constantly being purchased and used up in the operation of a business: Supplies. the basic material from which a product is made: Raw Materials. Items purchased quickly and without much thought or effort: Convenience Products. Items such as bread and milk: Staple Items. Items such as candy bars at the checkout counter: Impulse Items. Items with special or unique characteristics that consumers are willing to exert special efforts to obtain: Specialty Products. Items bought out of adversity instead of desire: Unsought Products. These items become part of a finished product after they have been processed: Materials. These items become part of a finished product, but do not need any additional processing. Examples include bolts, screws, and tires: Parts