Goods and Services

Front

What is a good?

Back

A good is a physical item that can be bought or sold, like toys, clothes, or food.

Front

What is a service?

Back

A service is an action or activity that one person does for another, like haircuts, car repairs, or teaching.

Front

Give an example of a good.

Back

An example of a good is a bicycle.

Front

Give an example of a service.

Back

An example of a service is a doctor treating a patient.

Front

What are some characteristics of goods?

Back

Goods are tangible, can be touched, stored, and owned.

Front

What are some characteristics of services?

Back

Services are intangible, cannot be touched, and are experienced.

Front

Is a television a good or a service?

Back

A television is a good.

Front

Is a haircut a good or a service?

Back

A haircut is a service.

Front

What do we call items that we can touch and own?

Back

We call them goods.

Front

What do we call activities that help others but are not physical items?

Back

We call them services.