Types Of Goods And Services Flashcards
1
Q
What is a good?
A
A good is a physical object that a business sells to it’s customers.
2
Q
What is a service?
A
A service is a non-physical activity that a business carries out for it’s customers.
3
Q
What is a customer durable?
A
Goods that last for years and can be used a number of times.
4
Q
What is a single use good?
A
Goods or services that are only used once.
5
Q
What is a need?
A
Needs are essential for survival like food and water.
6
Q
What is a want?
A
They are not essential to survival but we like to have them, like a phone.
