Chapter 18 - Goods and Services Flashcards
goods
products that are manufactured and that consumers may buy
services
work that does not produce an actual product, but which consumers can buy
gross domestic product (GDP)
the value of all goods and services produced in a country each year
mass production
the rapid production by machine of large numbers of identical objects
profit
the income a business has left after paying its expenses
marketing
the process of making goods and services available to consumers and convincing them to buy the product or service
mass marketing
the process of selling goods in large quantities
consumer
a person who buys or uses products and services
brand
a name given by the maker to a product or range of products
generic product
a product that does not have a manufacturer’s name or brand on the package. They are often less expensive than brand-name products.
debit card
a small card similar to a credit card that operates the way that checks do, deducting money directly from a bank account
charge account
a form of credit that sores grant to customers to buy good now and pay for them later.
credit cards
a form of credit issued by banks and other major lending institutions and accepted by most businesses worldwide
