Goods and Services

Front

What are goods?

Back

Goods are tangible items that can be purchased or sold, such as clothing, food, and toys.

Front

What are services?

Back

Services are intangible activities or benefits that one party provides to another, such as teaching, plumbing, or dental care.

Front

Give an example of a good.

Back

An example of a good is a book.

Front

Give an example of a service.

Back

An example of a service is a haircut.

Front

How do goods and services differ?

Back

Goods are physical items, while services are actions or activities performed for someone else.

Front

What is the role of a plumber?

Back

A plumber provides services by fixing plumbing issues, such as clogged sinks or leaky pipes.

Front

What is the significance of buying gifts?

Back

Buying gifts involves purchasing goods to express appreciation or affection for someone.

Front

What type of good is a birthday decoration?

Back

A birthday decoration is a tangible good used for celebration.

Front

What is an example of a service related to health?

Back

An example of a health-related service is a dental cleaning.

Front

Why are services considered intangible?

Back

Services are considered intangible because they cannot be touched or owned; they are experienced.