Goods and services

Front

What is a good?

Back

A good is a tangible item that can be purchased or sold, such as food, clothing, or electronics.

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.

Front

Can you give an example of a good?

Back

An example of a good is a smartphone.

Front

Can you give an example of a service?

Back

An example of a service is a car repair.

Front

What distinguishes goods from services?

Back

Goods are tangible and can be physically touched, while services are intangible and cannot be physically touched.

Front

What are the characteristics of goods?

Back

Goods are physical, can be stored, have a specific lifespan, and can be owned.

Front

What are the characteristics of services?

Back

Services are perishable, cannot be owned, are produced and consumed simultaneously, and are variable in quality.

Front

How do goods and services contribute to the economy?

Back

Goods and services are essential for fulfilling consumer needs and wants, driving economic activity, and creating jobs.

Front

What is the role of consumer choice in goods and services?

Back

Consumer choice influences the demand for goods and services, affecting production and pricing.

Front

What is the concept of opportunity cost in relation to goods and services?

Back

Opportunity cost refers to the value of the next best alternative that is forgone when making a choice between goods and services.