Goods vs Services

Which one of the following is an example of a good?

• A haircut

• A toy car

• A music lesson

• A taxi ride

What is the main difference between goods and services?

• Goods are always expensive while services are not

• Goods are physical items, while services are activities provided by others

• Services can be stored for future use, but goods cannot

• Goods can only be bought in stores, while services cannot

Which of the following is an example of a service?

• A book

• A pair of shoes

• A car wash

• A computer

Why can't you hold a service in your hand?

• Because it is not a physical item

• Because it is always too big

• Because it is not visible

• Because it is always too expensive

Which of the following would be considered a good?

• A pizza delivery service

• A pizza

• A swimming lesson

• A concert

What characteristic do all services have in common?

• They are all activities performed for a fee

• They can all be touched

• They are all free

• They all involve selling goods

Which of the following is a characteristic of goods?

• They can be performed

• They can be stored in a warehouse

• They cannot be seen

• They are always intangible

How do services differ from goods in terms of consumption?

• Services are consumed at the point of sale, while goods are not

• Services can be taken home, while goods cannot

• Goods are always consumed immediately, while services are not

• Goods can be shared, while services cannot

Which one of the following is an example of a service?

• A bottle of water

• A cleaning service

• A smartphone

• A pack of gum

Why are goods and services important in our daily lives?

• They provide us with entertainment only

• They are only necessary for luxury and comfort

• They satisfy our needs and wants

• They are not important