Goods And Services

Question 1

What’s a good?

Answer 1

Physical objects that a business sells to its customers

Question 2

What’s a service?

Answer 2

Non-physical products: activities that a business carries out for its customers

Question 3

What’s a consumer durable?

Answer 3

Goods that last for several years and are used a large number of times

Question 4

What’s a single use good?

Answer 4

Goods or services that are only used once.

Question 5

What’s a need?

Answer 5

They are essential for survival: food, water, shelter, clothing and warmth

Question 6

What’s a want?

Answer 6

They are not essential for survival, but we like to have them