Review Economics Lesson 1

How do we define 'goods' in economics?

What are 'Services' in economics?

What is meant by 'resources' in economics?

What is meant by 'production' in economics?

Give 5 examples of goods:

Give 5 examples of services:

By (a)   we mean physical, tangible objects used to satisfy people's wants and needs

The term goods should be contrasted with the term (a)   which is the intangible satisfaction of people's wants and needs.

(a)   offer intangible satisfaction of wants and needs.

(a)   are goods and services which are used to produce other goods and services.