PBM: Economic Goods and Services

Consumer goods and services

Products produced for personal consumption

Consumers

People who use goods and services to satisfy their wants

Convenience products

Consumer goods and services purchased quickly and without much thought or effort

Economic goods

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

Economic services

Productive acts that are useful, scarce, and transferable and which satisfy economic wants

Economic want

A desire for something that can only be obtained by spending money

Equipment

Industrial goods used in the operation of a business but not used in the actual production of a good or service

Goods

Tangible objects that can be manufactured or produced for resale

Impulse item

Any item purchased as a result of an on‑the‑spot decision to buy

Industrial goods and services

Products purchased by producers for resale, to make other goods and services, and/or to use in business operations

Installations

Industrial goods that are used to produce other goods and services

Market research

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market

Materials

Industrial goods that become part of the finished product after they have been processed

Noneconomic want

A desire for something that can be obtained without spending money

Parts

Industrial goods that become part of finished goods without any additional processing

Producers

The people who make or provide goods and services

Raw materials

Items in their natural state or condition

Scarce

Limited

Service(s)

Intangible activities that are performed by other people for money; productive acts that satisfy economic wants

Shopping products

Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service

Specialty products

Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain

Staple item

A frequently purchased item that businesses keep on hand continuously because the demand for it is constant

Supplies

Industrial goods that are constantly being purchased and used up in the operation of a business

Tangible

Capable of being touched, smelled, tasted, seen, or heard

Ultimate consumer

Anyone who personally uses a good or service to satisfy his/her own wants

Unsought products

Consumer goods and services bought out of necessity or adversity rather than desire

Want

A desire for something that may or may not be required