Providing Goods & Services

What is the difference between goods and services?

• Goods are intangible products that you experience, services are tangible goods

• Goods are tangible products that you can touch, services are intangible experiences

• Goods and services are both tangible products

Which of the following is a good?

• A calculator

• A taxi ride

• A swimming lesson

Which of the following is a service?

• A handbag

• A biscuit

• A car wash

What is a producer good?

• A producer good is a good that consumers use

• Producer goods are goods that businesses use to either produce other goods or in the provision of providing services

• A producer good is an experience offered to customers by large businesses

What best describes a public sector business?

• A business that is owned and run by individuals or shareholders

• A business that provides a mixture of goods and services

• A business that is owned and run by the government

Which is an example of a private sector business?

• A school

• A consumer electronics business

• The emergency services

What is a commercial service?

• Services that are usually supplied to businesses

• Services that are supplied to individuals

• Any service that is supplied by a business

What is an example of a personal service?

• Stock management

• Home cleaning

• Commercial waste management

What four resources are needed to produce goods and services?

• Land, labour, commercial and personal

• Land, labour, durable and non-durable

• Land, labour, capital, and enterprise

What resource does the equipment and money used to provide goods and services refer to?

• Land

• Labour

• Capital