Good and Services

Front

What are goods?

Back

Goods are tangible items that can be seen, touched, and purchased, such as food, clothing, and electronics.

Front

What are services?

Back

Services are intangible activities or benefits provided by one party to another, such as haircuts, repairs, and education.

Front

Give an example of a good.

Back

An example of a good is a book sold at a bookstore.

Front

Give an example of a service.

Back

An example of a service is a pet grooming session.

Front

What is the role of a farmer in the economy?

Back

A farmer produces goods, specifically agricultural products like fruits, vegetables, and grains.

Front

What is the role of a baker in the economy?

Back

A baker produces goods, specifically baked items like bread, pastries, and cakes.

Front

How do goods and services differ in terms of tangibility?

Back

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

Front

What is the significance of a bookstore in terms of goods?

Back

A bookstore sells goods, specifically books, which are tangible items that provide knowledge and entertainment.

Front

What type of economic activity does a construction worker engage in?

Back

A construction worker engages in a service activity, providing labor to build structures.

Front

What is the economic impact of services?

Back

Services contribute to the economy by providing employment, enhancing productivity, and fulfilling consumer needs.