Goods/services 1.1

Question 1

What is the definition of a product

Answer 1

A product is a good or a service that is sold to customers or other businesses

Question 2

What is a good?

Answer 2

a material item for sale TANGIBLE

E.g. clothes or cars

Question 3

What is a service

Answer 3

A non-physical product such as taxi driving which offers to do something for you NONTANGIBLE

Question 4

Describe different purposes of a business

Answer 4

Producing goods (restaurants)

supplying services (hairdressing)

Distribution of goods (transport companies)

Fulfilling business opportunity (print on-demand services)

To benefit others (charity etc)

Question 5

What does it mean to produce goods

Answer 5

When a company manufactures goods to sell

Question 6

What does it mean to supply a service

Answer 6

To offer up a service to customers

Question 7

what is distribution of goods

Answer 7

shipping/ transporting goods to their destination

Question 8

What does it mean to fulfil a business opportunity

Answer 8

To take advantage of an occurrence within the market to begin a business

Question 9

Are goods tangible or non tangible

Answer 9

goods are tangible - they can be used and stored. They are PHYSICAL and hence can be seen and touched.

Question 10

Are services tangible or non tangible

Answer 10

Services are non-tangible as they cannot be stored and are actions. they are NOT physical and hence are not material.