What are the different types of goods? (a) Consumer goods (b) Producer goods (c) Both (a) and (b) (d) None of the above

Consumer goods and Producer goods.

What is the economic impact of goods and services on a country's economy?

It contributes to the overall economic growth and development of the country.

What is global trade of goods and services? (a) Import and export of goods and services between countries (b) Local trade within a country (c) Barter system (d) None of the above

Import and export of goods and services between countries

What factors influence the demand for goods and services?

Income, price of related goods, consumer preferences, and population size

How does global trade impact the economy of a country?

Global trade can impact the economy of a country by increasing access to a wider range of goods and services, promoting economic growth, creating job opportunities, and improving overall living standards.

What are the main differences between goods and services?

Goods are tangible products, while services are intangible activities or benefits.

How does the concept of scarcity relate to the production and consumption of goods and services?

Scarcity affects the production and consumption of goods and services by creating competition for limited resources.

The exchange of goods and services

Which of the following are capital goods used in a classroom? (1) lockers (2) blackboards (3) air-conditioners (4) students' mobile phones

lockers, blackboards, air-conditioners

Good that lasts for at least three years when used regularly.

Define Consumer Good.

good intended for final use by consumers other than business.

Goods and Services Flashcards

Student preview

30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Doctor: Goods or Service?

Back

Service

2.

FLASHCARD QUESTION

Front

House: Goods or Service?

Back

Goods

3.

FLASHCARD QUESTION

Front

iPhone: Goods or Service?

Back

Goods

4.

FLASHCARD QUESTION

Front

You pay your sister $5 to clean your messy bedroom.

Back

Service

5.

FLASHCARD QUESTION

Front

You buy a book from a garage sale.

Back

Good

6.

FLASHCARD QUESTION

Front

Which is an example of a service? Options: book, police officer, chair, backpack

Back

police officer

7.

FLASHCARD QUESTION

Front

Which is an example of a good? Options: nurse, mechanic, basketball, cook

Back

basketball

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