Goods and Services

What is the main difference between goods and services as described in the passage?

• Goods can be touched and owned, while services cannot.

• Goods are more expensive than services.

• Services are always related to healthcare, while goods are not.

• Goods are always tangible, while services are always intangible.

Which of the following is an example of a service?

• Buying a toy car

• Getting a haircut

• Purchasing a comic book

• Owning a phone

How do goods and services relate to each other according to the passage?

• Most goods are made by people doing services.

• Goods and services are completely unrelated.

• Services are more important than goods.

• Goods are always more expensive than services.

What are capital goods as mentioned in the passage?

• Goods used to make other goods or do other services.

• Goods that are consumed by people.

• Services provided by capitalists.

• Goods that are only used in factories.

Why might someone pay for a service according to the passage?

• To have something done for them that they cannot do themselves.

• To own a tangible item.

• To invest in capital goods.

• To purchase consumer goods.