Goods And Services Flashcards
1
Q
What are goods?
A
Physical objects that a business sells to its customers
2
Q
What are services?
A
Non-physical products: activities that a business carries out for its customers
3
Q
What are products?
A
Goods and services
4
Q
What are consumer durables?
A
Goods that last for several years and are used a large number of times
5
Q
What are single use goods?
A
Goods or services that are only used once
6
Q
What are needs?
A
They are essential for survival: food, water, shelter, clothing and warmth
7
Q
What are wants?
A
They are not essential for survival, but we like to have them
