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
