Economics

What distinguishes services from goods in economics?

• Services cannot be touched, goods can be felt
• Services are tangible, goods are intangible
• Services are scarce, goods are abundant
• Services are free, goods are paid for

What is the primary role of economics in everyday business life?

• To study the interaction of business and labor
• To regulate prices of economic products
• To create abundance of goods and services
• To understand production, distribution, exchange, and consumption

What does economics primarily focus on?

• Production, distribution, exchange, and consumption
• Exchange of money only
• Distribution of services only
• Production of goods only

Which of the following questions does economics aim to answer?

• How do we produce all the things we want?
• How are prices determined?
• How do we achieve world peace?
• Both A and B

What are economic products?

• Items that are not useful
• Goods and services that are scarce and transferable
• Items that are abundant and free
• Services that are tangible

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

• A computer used in a school
• A legal consultation
• A haircut at a salon
• A repair service for home appliances

What are capital goods used for?

• To provide intangible services
• To produce other goods and services
• Final use to satisfy wants and needs
• Direct consumption by individuals

Which of the following is considered a service?

• A manufactured product
• A physical item for sale
• A tangible good
• A repair service for home appliances

What distinguishes services from goods?

• Services cannot be touched, goods can be felt
• Services are scarce, goods are abundant
• Services are free, goods are paid for
• Services are tangible, goods are intangible

Why are free products like sunshine not a major concern in economics?

• They are intangible and cannot be touched
• They are not useful to individuals
• They are scarce and command a price
• They are abundant and free