Goods and Services

What are goods?

• Tangible items produced, traded, or consumed to satisfy human wants and needs.

• Items that are only consumed by animals.

• Intangible items that cannot be traded.

• Services provided by businesses.

Give an example of a good.

• pen

• chair

• car

• book

What are services?

• Intangible products provided by customers to businesses in exchange for payment.

• Intangible products provided by businesses to customers in exchange for payment.

• Physical products provided by businesses to customers in exchange for payment.

• Activities performed by businesses for their own benefit.

Give an example of a service.

• food delivery service

• cleaning service

• hair salon service

• taxi service

What is the difference between goods and services?

• Goods are tangible products while services are intangible actions or tasks.

• Goods are intangible actions or tasks while services are tangible products.

• Goods are actions or tasks while services are tangible products.

• Goods are intangible products while services are tangible actions or tasks.

Why do people need goods and services?

• People need goods and services to satisfy their needs and wants.

• People need goods and services to waste their money.

• People need goods and services to cause problems for others.

• People need goods and services to complicate their lives.

How are goods produced?

• Through the process of production

• Through the process of manufacturing

• Through the process of distribution

• Through the process of consumption

How are services provided?

• Through limited channels

• Through a single method

• Through a complex process

• Through various means

What are the different types of goods?

• Luxury goods, Necessity goods, Inferior goods

• Tangible goods, Intangible goods, Virtual goods

• Consumer goods, Capital goods, Intermediate goods, Public goods, Private goods

• Raw materials, Finished goods, Non-durable goods

What are the different types of services?

• retail services

• educational services

• technology services

• professional services, financial services, healthcare services, transportation services, hospitality services