EC-10 Study Guide

A characteristic of human wants is that they are

unlimited

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

willing to pay money to get it

An example of a noneconomic want would be the desire for

A friend

How would a business's computers be classified?

As equipment

Industrial materials

Been conditioned by humans or machines. Can be a material that is natural or made by people.

What is an example of an economic want?

Clothing, concert tickets.

A computer would be classified as a

Consumer good

Bread would be classified as a

Convenience

Equipment

Devices, machines, tools, used in the operations of a business.

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

Equipment

What are the five classifications of industrial goods?

Materials, supplies, parts, equipment, installation.

A laundry service would be classified as an

Industrial service

Producers respond to consumers' positive economic votes by

Increasing production

Parts

Items used to build or design another product.

Sugar and flour that are purchased to make baked goods are classified as

Materials

What type of industrial product would bolts be?

Parts

unsought products

Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying.

What are the four classifications of consumer goods?

Speciality, shopping, convenience, unsought.

What type of product is a dishwasher?

Shopping

Paying high price for a certain brand would be

Specialty

Four characteristics of economic goods

Tangible, useful, scarce, transferable

Example of an industrial good

Tires for a tow truck

Why do marketers classify goods and services?

To aid in marketing planning

Three characteristics of wants

Unlimited, vary from person to person, competing.

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

Who buys and uses the product

Convenience product

a consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Speciality product

a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Installation

a temporary work of art made up of assemblages created for a particular space, like an art gallery or a museum.

Supplies

consumable items that do not become part of the final product.

shopping products

items for which the consumer compares several alternatives on criteria such as price, quality, or style.

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

limited supply

"Economic votes" are cast by consumers each time they

make a purchase