The Economy: Goods And Services Flashcards
0
Q
What is a service?
A
A service is a thing that other people do for us and for which we pay. We cannot touch services
1
Q
What is a good?
A
Goods are products that are made, and things that we can touch
4
Q
Who are producers and what do they do?
A
Producers are the people/businesses that make goods and offer a service to individuals/other businesses that need them
5
Q
Who are consumers and what do they do?
A
Consumers are individuals/businesses that buy goods or pay for a service that they use
6
Q
What are households?
A
Households are all the families and individuals in a country who are trying to satisfy their needs and wants with goods and services
