Economic Goods and Services

An object that is made and can be touched

• Needs

• Service

• Goods

The place where prices of good and services are made

• Competition

• Markets

• Profits

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

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 considered a service?

• manufactured product

• physical item for sale

• tangible good

• 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

A place where buyers and sellers exchange goods and services

• company

• market

• stock market

• insurance company

Objects that can satisfy people's wants

• goods

• services

• demand

• supply