Understanding Goods and Services

'Goods' are things you can touch and use, such as clothes and books.

• True

• False

'Services' are things that other people do for you such as cutting your hair or delivering goods to a shop.

• True

• False

'Needs' are items that we would like to have, although we will not die without them such as a computer, a holiday, a car, etc.

• True

• False

'Wants' are items that we must have in order to live such as food, drink, shelter, clothing, and warmth.

• True

• False

The main objective of public enterprise is to provide services to the local and national community.

• True

• False

The four categories of resources such as land, labor, capital, and enterprise are needed for production.

• True

• False

Primary sector businesses produce the raw materials needed to make finished products or manufacture.

• True

• False

Secondary sector businesses use the raw materials produced by primary sector businesses and change them into finished products.

• True

• False

Tertiary sector businesses provide services to other businesses and individuals.

• True

• False

Secondary sector businesses may include banking and financial services, insurance, health services, and tourism.

• True

• False