What are economic goods and services purchased and used by the ultimate consumer called?

The correct choice refers to economic goods and services purchased and used by ultimate consumers as "Consumer Products." Consumer products are items that are bought by individuals for personal use rather than for production or resale. This category includes a wide array of goods and services, such as clothing, food, entertainment, and appliances, which are essential for fulfilling the personal needs and wants of consumers.

Understanding this terminology is crucial in the context of marketing and economics because it helps in segmenting the market and tailoring products to meet consumer demands. These products are typically classified further into durable goods, nondurable goods, and services based on their lifespan and consumption patterns.

In contrast, the other options represent different concepts. Capital products are associated with goods that are used in the production of other goods and services, such as machinery. Operating expenses refer to the costs associated with running a business on a day-to-day basis, like rent and utilities. A traditional economy refers to an economic system that relies on customs and traditions to make decisions, which does not directly relate to consumer purchases.