Goods and Services

What are goods?

• Items that can be touched and held

• Methods of payment for items

• Activities done for others

• Places where items are sold

What is an example of a service?

• A book

• A toy car

• A piece of clothing

• A haircut

How do people usually acquire goods and services?

• By finding them

• By creating them

• By shopping and paying for them

• By wishing for them

Visiting a dentist to get a cavity filled is an example of what?

• Buying a good

• Exchanging goods

• Performing a service

• Receiving a service

If you buy a necklace, are you buying a good or a service?

• Both

• A service

• A good

• Neither

What are goods?

• Goods are intangible services that cannot be bought or sold.

• Goods are tangible products that can be bought and sold in the market.

Give an example of a good.

• monkey

• smartphone

What are services?

• Services are physical goods exchanged between businesses and customers.

• Services are intangible products provided by businesses to customers in exchange for money.

Give an example of a service.

• Online streaming service like Netflix

• Video conferencing platform like Zoom

How are goods different from services?

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

• Goods are actions, while services are products