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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

If the price of printers goes down, what happens in the market for ink cartridges: Demand increases.. Generally speaking, the lower the price, the greater the quantity demand: True. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. What are Substitute Goods: Items that may replace each other when used or consumed.. New robot technology increases productivity of car producers. What happens to market for cars: Supply shifts right. Price of cars increase. What happens to market for cars: No change in supply. Cost of steel increases. What happens to market for cars: Supply shifts left. The diagram represents a: increase in demand. Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change: Change in the number of buyers. Which of the following is likely to increase the demand for peanut butter: News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.. What does the red solid line on the graph show: Surplus

Products produced for personal consumption:: consumer goods and services. People who use goods and services to satisfy wants:: consumers.. Goods and services purchased quickly and without thought or effort:: convenience products.. Physical objects that are useful, scarce, and transferable and which satisfy economic wants:: economic goods.. Productive acts that are useful, scarce, and transferable and which satisfy economic wants:: economic services.. A desire for something that can only be obtained by spending money:: economic want.. Industrial goods used in the operation of a business but not used in the actual production of a good or service:: equipment.. Tangible objects that can be manufactured or produced for resale:: goods.. Any item purchased as a result of an on‑the‑spot decision to buy:: impulse item.. Industrial goods that are used to produce other goods and services:: installations.. The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market:: market research.. Industrial goods that become part of the finished product after they have been processed:: materials.. A desire for something that can be obtained without spending money:: . Industrial goods that become part of finished goods without any additional processing:: parts.. The people who make or provide goods and services:: producers.. Items in their natural state or condition:: raw materials.. Limited:: scarce.. Intangible activities that are performed by other people for money; productive acts that satisfy economic wants:: services.. Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain:: specialty product.. A frequently purchased item that businesses keep on hand continuously because the demand for it is constant:: staple item.. Industrial goods that are constantly being purchased and used up in the operation of a business:: supplies.. Capable of being touched, smelled, tasted, seen, or heard:: tangible.. Consumer goods and services bought out of necessity or adversity rather than desire:: unsought products.. A desire for something that may or may not be required:: want.. A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be: Parts. How would a business’s computers be classified: Equipment. Which of the following is an industrial good: Tires for a tow truck. What determines whether an economic product is an industrial product or a consumer product: Who buys and uses the product. Why do marketers classify goods and services: To aid in marketing planning. George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher: Shopping. Sugar and flour that are purchased to make baked goods are classified as:: materials.. If a good or service is scarce, consumers will usually be:: willing to pay money to get it.

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