Get the Goods on Goods and Services Economics

Get the Goods on Goods and Services Economic Goods and Services Discuss economic goods

§ Erica and Jon run errands. § They affect the economy by: • Purchasing

Wants § Wants—desires for things that may or may not actually be required •

Wants If the Genie gave you everything you requested, you probably would want to

Economic & Noneconomic Wants § Economic wants— require you to spend money to satisfy

Economic Goods § Economic goods must be: • Physical (tangible) • Useful • Scarce

Economic Services § Productive acts that satisfy economic wants § Same characteristics as economic

Relationship of Consumers and Producers to the Economy § Consumers • Limited resources to

Explain how economic goods and services are classified.

Consumer or Industrial? § Consumer goods and services—purchased and used by the ultimate consumer

Consumer or Industrial? § Industrial goods and services—purchased by producers: • For resale •

Product Classifications for Marketing § Consumer or industrial classification: • Helps marketers plan marketing

Classifications of Consumer Products § Convenience § Shopping § Specialty § Unsought

Classifications of Industrial Products § Materials § Parts § Installations § Equipment § Supplies

§ Five economic wants you’ve fulfilled in the past month • Goods or services?

§ Fur—an economic product § What do you think? • Ethical to sell it?

Acknowledgments Original Developers: Kerry Winfrey and Lelia Ventling, MBAResearch Version 2. 0 Copyright ©

Digital-based photography sources: Think. Stock Photography Various images used in this presentation are ©

Copyright: All photographic digital images on this CD are owned by the aforementioned photographic

Slides: 22

Download presentation

Get the Goods on Goods and Services Economics LAP 10

Get the Goods on Goods and Services Economic Goods and Services Discuss economic goods and services. Explain how economic goods and services are classified.

Discuss economic goods and services.

§ Erica and Jon run errands. § They affect the economy by: • Purchasing economic goods and services • Satisfying their wants

Wants § Wants—desires for things that may or may not actually be required • Craving • Wish • Need

Wants If the Genie gave you everything you requested, you probably would want to add to the list before long. § Unlimited § Vary from person to person § Competing

Economic & Noneconomic Wants § Economic wants— require you to spend money to satisfy them § Noneconomic wants— can be satisfied without spending money

Economic Goods § Economic goods must be: • Physical (tangible) • Useful • Scarce (limited) • Transferable

Economic Services § Productive acts that satisfy economic wants § Same characteristics as economic goods except they are intangible

Relationship of Consumers and Producers to the Economy § Consumers • Limited resources to purchase products D E U N I S DI C T N O • Communicate wants by purchasing or not purchasing § Producers • Limited resources to make products • Must make sure they produce what consumers want

Explain how economic goods and services are classified.

Consumer or Industrial? § Consumer goods and services—purchased and used by the ultimate consumer (final user)

Consumer or Industrial? § Industrial goods and services—purchased by producers: • For resale • To make other goods and services • To use in business operations

Product Classifications for Marketing § Consumer or industrial classification: • Helps marketers plan marketing activities • Serves as guide for: Ø Promotion Ø Distribution Ø Selling

Classifications of Consumer Products § Convenience § Shopping § Specialty § Unsought

Classifications of Industrial Products § Materials § Parts § Installations § Equipment § Supplies

§ Five economic wants you’ve fulfilled in the past month • Goods or services? • Convenience, shopping, specialty, or unsought? • Industrial products involved?

§ Fur—an economic product § What do you think? • Ethical to sell it? • Ethical to buy it? • Ethical to ruin it in protest?

Copyright: All photographic digital images on this CD are owned by the aforementioned photographic resources or their licensors and are protected by the United States copyright laws, international treaty provisions, and applicable laws. No title to or intellectual property rights to the images on this CD are transferred to you. These sources retain all rights and are not to be used, digitally copied, transferred, or manipulated in any way. To do so is a violation of federal copyright laws.