Goods and Services Flashcards
What are goods and Services.
Goods and Services are outputs offered by a business to satisfy the needs of consumers.
What is Tangibility.
Tangibility is goods that you can see and touch.
What is Perishability
Each Good has a degree of perishability, Services dont have perishability for they perish as the service is being delivered.
Separability
This is when the Producer and the Product cannot be separated.
Standardization
The quality of goods can be graded, but that of services is different each time.
What are Normal Goods
When a consumers income increases, the demand for these things increases, these are Normal goods.
What are Giffen Goods
These are inferior, goods that are bought more as price rises because when the cheaper alternative is not available, causing you to buy these inferior good even if they are expensive.
Substitute goods
Complemetary goods.
These are goods that help each other in sales, because as sales for one inceases the others sales will also increase.
