LESSON 1.2 GOODS AND SERVICES Flashcards
1
Q
activities or help that someone provides to satisfy a need or want
A
services
2
Q
intangible goods rendered by either individual or groups
A
services
3
Q
also knows as material goods or tangible goods
A
goods
4
Q
three classification of goods
A
according to use
according to purpose
according to availability
5
Q
products that are purchased for consumption
A
consumer goods
6
Q
used by businesses, also calles as capital goods
A
producer goods
7
Q
long lasting and used over time
A
durable goods
8
Q
consumed quickly
A
non durable goods
9
Q
consumable items that are useful to peolple but scarce in relation to their demand
A
economic goods
