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Questions and Answers
What was the system called where people exchanged excess goods for other goods and services?
What was the system called where people exchanged excess goods for other goods and services?
A service is a tangible product that consumers buy, such as a pen or a pencil.
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?
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.
Businesses produce or provide different goods and _________ in order to fulfill human needs.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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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.
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Description
Explore the fundamentals of business concepts, focusing on the evolution from self-sufficiency to the barter system. This quiz highlights the difference between goods and services, providing examples of each. Test your understanding of how businesses create value to meet human needs.
