Business and marketing

What are the five classifications of industrial goods

- materials - parts - instillation - supplies - equipment

What are the four classifications of a consumer good

- specialty - convenience - shopping - unsought

Four characteristics of economic goods

- tangible - useful - scarce - transferable

Three characteristics of wants

- unlimited - varies from person to person - competing

Example of a non economic want

A friend

Example of a enconomic want

Clothing

A latop a student purchase is a _______ good

Consumer

Bread for a family is a ________ good

Convenience

Cash-register tapes and shipping forms used by a business would be classified as industrial

Equipment

car manufacturer receives a shipment of bolts that are gonna be used in the production of cars. What type of industrial product would the bolts be

Equipment

An economic good or service that is scarce is one that is

In limited supply

Producers respond to consumers positive economic votes by

Increasing production

"Economic votes" are cast by consumers each time they

Make a purchase

Sugar and flour purchased to make baked goods are classified as

Materials

A person wants to buy a dishwasher. They are checking newspaper ads for the best place to get quality goods. What type of product is the dishwasher

Shopping

A person is willing to pay high price for a brand of China they want. This is classified as a __________ product

Specialty

Example of an industrial good

Tires for a tow truck

Why do marketers classify consumer good

To aid marketing planning

characteristic of a human want

Unlimited

Characteristic of an economic service

Useful

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

Who buys and uses the product

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

Willing to pay money to get it

A restaurant sends linens to a laundry mat to be cleaned this is a _________ service

industrial