Providing goods and services Flashcards
What are goods?
Products that can be seen, touched and handled
What are consumer goods?
Goods used by the final user which can be durable or non-durable
What are producer goods?
Products brought by a company and used to produce other goods or services
What are durable goods?
Consumer goods that are not used at once and don’t have to be brought frequently because they last for a long time
what are non-durable goods?
Goods that are immediately consumed or that have a lifespan of less than three years
What are services?
- Provided for individuals and businesses which are offered to or for their customers
- These can be personal and commercial
What are personal services?
Services that are provided for individuals e.g. personal grooming, house maintenance, car repair
What are commercial services?
- Services that provide mainly to businesses such as transport and warehousing
- Could also be available to individuals such as insurance and banking
What is the private sector?
Organisations that are owned by individuals or groups
What is the public sector?
Organisations that are owned by the government
