Business Concepts and Types of Goods

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Questions and Answers

What was the system called where people exchanged excess goods for other goods and services?

The Barter System (correct)
The Exchange System
The Trade System
The Market System

A service is a tangible product that consumers buy, such as a pen or a pencil.

False (B)

What is the primary goal of a business in terms of goods and services?

To fulfill human needs

Businesses produce or provide different goods and _________ in order to fulfill human needs.

<p>services</p> Signup and view all the answers

Match the following terms with their definitions:

<p>Goods = Tangible products that consumers buy to meet their needs Services = Actions performed for someone else to satisfy their needs Business = An economic activity that manufactures or provides goods and services</p> Signup and view all the answers

Flashcards

Goods

Things you can touch, like a pen or a phone, that are made to satisfy your needs and wants.

Services

Actions done for others to meet their needs, like haircuts or car repairs.

Barter System

The exchange of goods for other goods without using money.

Business Objectives

The aim or goal of a business, like making a profit or providing good service.

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Factors of Production

Things that a business needs to produce goods or services, such as land, labor, capital, and entrepreneurship.

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Study Notes

Business Concept

In ancient times, people met basic needs by producing everything themselves.
As needs and wants diversified, producing everything became difficult.
To address this, people produced more goods than needed.
This surplus led to the exchange of goods, known as the barter system.
A business is an activity that creates products and services to meet human needs.

Goods and Services

Goods are physical products people buy, e.g., pens, pencils, apples, rice, bread.
Services are actions performed for others to fulfill needs, e.g., haircuts, education, vehicle repair.