ML FBLA Exploring Economics - Goods vs. Services

What is a good in economics?

• A task performed to satisfy needs

• A physical object that can be bought or sold

• A process that creates value

• A type of money

Which of the following is an example of a good?

• A haircut

• A car

• A doctor's appointment

• A concert

Which of the following is an example of a service?

• A book

• A piece of clothing

• A haircut

• A smartphone

Which of the following is NOT an example of a good?

• A television

• A bag of groceries

• A movie

• A bicycle

A key difference between goods and services is that goods are:

• Tangible and can be touched

• Intangible and cannot be touched

• Not produced

• Available only for a limited time

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

• An online class

• A pair of shoes

• A concert performance

• A flight ticket

Which of the following is an example of a service?

• A loaf of bread

• A taxi ride

• A backpack

• A television

Which of the following is a characteristic of services?

• They can be stored for later use

• They are typically intangible

• They last forever

• They can be seen and touched

Which of the following is NOT a characteristic of a good?

• Tangible

• Can be used over time

• Produced and stored

• Cannot be touched

Which of the following would be considered a service provided by a professional?

• A car

• A dentist’s visit

• A bicycle

• A table