Goods & Services/Needs & Wants Flashcards
What is a good?
A product that can be seen and touched.
What is a service?
They cannot be seen or touched after they are provided.
Give at least two examples of a good?
Car, book, phone and CD’s.
Give at least two examples of a service?
Hairdresser, teacher, bank and plumber.
What are the four types of good?
Durable, non-durable, consumer, and capital.
What is a durable good?
A product that lasts for a long period of time. They can be used more than once.
What is a non-durable good?
A product that doesn’t last for long. You can only use it once.
What is a consumer good?
A product that is used by individual people to satisfy their needs and wants.
What is a capital good?
A product that is used by businesses so they can provide other goods and services.
Give at least two examples of a durable good?
Computer, car, and books.
Give at least two examples of a non-durable good?
Biscuit, cinema ticket, and a meal.
Give at least two examples of a consumer good?
Food, clothing, and DVD’s.
Give at least two examples of a capital good?
Machinery, vehicles, and tools.
What is a need?
Something that is necessary for survival.
What is a want?
Non-essential items that we use to make our lives more enjoyable.
