What is the difference between goods and services?
Goods are intangible products that you experience, services are tangible goods
Goods are tangible products that you can touch, services are intangible experiences
Goods and services are both tangible products
Which of the following is a good?
A calculator
A taxi ride
A swimming lesson
Which of the following is a service?
A handbag
A biscuit
A car wash
What is a producer good?
A producer good is a good that consumers use
Producer goods are goods that businesses use to either produce other goods or in the provision of providing services
A producer good is an experience offered to customers by large businesses
What best describes a public sector business?
A business that is owned and run by individuals or shareholders
A business that provides a mixture of goods and services
A business that is owned and run by the government
Which is an example of a private sector business?
A school
A consumer electronics business
The emergency services
What is a commercial service?
Services that are usually supplied to businesses
Services that are supplied to individuals
Any service that is supplied by a business
What is an example of a personal service?
Stock management
Home cleaning
Commercial waste management
What four resources are needed to produce goods and services?
Land, labour, commercial and personal
Land, labour, durable and non-durable
Land, labour, capital, and enterprise
What resource does the equipment and money used to provide goods and services refer to?
Land
Labour
Capital