Investopedia

Continue to Site »

Convenience Good

Filed Under »
Dictionary Says

Definition of 'Convenience Good'

A consumer item that is widely-available, purchased frequently and with minimal effort. Because a convenience good can be found readily, it does not require the consumer to go through an intensive decision-making process. Examples of convenience goods include newspapers and candy.

Convenience goods are different than specialty goods, such as a car, which are more expensive and often carry a greater opportunity cost to the consumer.
Investopedia Says

Investopedia explains 'Convenience Good'

Convenience goods are often the products of habit or impulse, as they are easily found by consumers and are inexpensive enough for most consumers to purchase. Because the inexpensiveness of a good can be dependent on the income of the consumer, economists often use the cost of a good to the average consumer when determining if a good is inexpensive. If discretionary income falls, consumers may forgo purchasing goods impulsively.

Articles Of Interest

  1.

    The History Of Economic Thought

    Economics is a vital part of every day life. Discover the major players who shaped its development.

  2. The Austrian School Of Economics

    If you think economists are only concerned with numbers, check out this group, who are more like economic philosophers.

  3. A Practical Look At Microeconomics

    Learn how individual decision-making turns the gears of our economy.

  4. Explaining The World Through Macroeconomic Analysis

    From unemployment and inflation to government policy, learn what macroeconomics measures and how it affects everyone.

  5. Why We Splurge When Times Are Good

    The concept of elasticity of demand is part of every purchase you make. Find out how it works.

  6. Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.

  7. Leading Economic Indicators Predict Market Trends

    Leading indicators help investors to predict and react to where the market is headed.

  8. Great Company Or Growing Industry?

    Look at the big picture when choosing a company - what you see may really be a stage in its industry's growth.

  9. Prisoner's Dilemma

    Learn more about this classic game theory scenario.

  10. Is Growth Always A Good Thing?

    Getting big quickly looks good, but companies can get into trouble when they do it too fast. Find out how to spot this trouble.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  2. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  3. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.

  4. Icarus Factor

    The term Icarus factor describes a situation where managers or executives initiate an overly ambitious project which then fails. Fueled by excitement for the project, the executives are unable to reign in their misguided enthusiasm before it is too late to avoid the failure.

  5. Angelina Jolie Stock Index

    An index made up of a selection of stocks from companies associated with actress Angela Jolie.

  6. Consequential Loss

    The amount of loss incurred as a result of being unable to use business property or equipment.
Trading Center