What is a good?
Goods and services

Flashcard
•
English
•
1st - 3rd Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A good is a tangible item that can be purchased or sold, such as food, clothing, or electronics.
2.
FLASHCARD QUESTION
Front
What is a service?
Back
A service is an intangible activity or benefit that one party provides to another, such as haircuts, repairs, or education.
3.
FLASHCARD QUESTION
Front
Can you give an example of a good?
Back
An example of a good is a smartphone.
4.
FLASHCARD QUESTION
Front
Can you give an example of a service?
Back
An example of a service is a car repair.
5.
FLASHCARD QUESTION
Front
What distinguishes goods from services?
Back
Goods are tangible and can be physically touched, while services are intangible and cannot be physically touched.
6.
FLASHCARD QUESTION
Front
What are the characteristics of goods?
Back
Goods are physical, can be stored, have a specific lifespan, and can be owned.
7.
FLASHCARD QUESTION
Front
What are the characteristics of services?
Back
Services are perishable, cannot be owned, are produced and consumed simultaneously, and are variable in quality.
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