58 Questions
What is the primary purpose of goods and services?
To satisfy needs and wants
What is the main difference between goods and services?
Goods are tangible, services are intangible
What is an example of a perishable good?
Fresh vegetables
What is an example of a non-perishable good?
Toys
What is an example of a service?
Legal services
What can be said about goods?
They are physical products
What is a characteristic of services?
They are intangible
What can be said about perishable goods?
They must be used in a specific time
What is the main difference between producers and consumers of goods and services?
Producers make goods and services, consumers use them
Which of the following is considered a tangible item?
Television set
What is the primary characteristic of non-perishable goods?
They can last a very long time
What is the main purpose of goods and services?
To satisfy needs and wants
Which of the following is an example of a work done for someone in exchange for money?
Getting a haircut
What happens to perishable goods if not consumed in time?
They expire and become unusable
What is the main characteristic of intangible items?
They cannot be seen or touched
What is the role of households in the economy?
Both producers and consumers of goods and services
Why is recycling important in the satisfaction of needs and desires?
It reduces waste
What determines the value of a service?
The skill of the service provider
What is the primary goal of using goods and services efficiently?
To satisfy needs and wants
What is the main aim of producers in an economy?
To meet people's needs and wants
Which sector of the economy is involved in the extraction of natural resources?
Primary sector
What happens in the secondary sector of the economy?
Raw materials are used to produce final goods
What is the role of households in the economic cycle?
To provide labor and entrepreneurial knowledge
What is an example of households as producers?
Growing their own vegetables
What is the main characteristic of the tertiary sector?
Distribution of goods and provision of services
What is the relationship between households and businesses?
Households provide labor to businesses
Why are households important in the economic cycle?
All of the above
What do households do with the money they earn?
They use it to buy goods and services
How can households be both consumers and producers?
By selling labor and buying goods
What is a common characteristic of goods?
It can be seen or touched
Which of the following is a non-tangible item?
Legal services
What determines whether a good is perishable or non-perishable?
Its expiry date
Why are goods and services important?
They satisfy needs and wants
What is the primary characteristic of services?
They are work done for someone in exchange for money
What is the main difference between perishable and non-perishable goods?
Their expiry date
Which of the following is an example of a tangible item?
Television set
Why is recycling important in the economy?
It helps in the efficient use of goods and services
What is the role of households in the economy?
They can be both producers and consumers of goods and services
What is the main aim of using goods and services efficiently?
To reduce waste and conserve resources
What is the primary function of the primary sector of the economy?
To supply and extract raw materials
What is the primary benefit of buying used or second-hand goods?
It is a way to reduce waste and save money
What is the main difference between the primary and secondary sectors of the economy?
The primary sector extracts raw materials, while the secondary sector uses them to produce final goods
What is the goal of the 'reduce' principle in sustainable use?
To use less of a product
What is the role of consumers in the economy?
To buy or use goods and services to satisfy their needs and wants
What can be done with damaged or non-functional goods?
They can be repaired
What is the main benefit of reusing products?
It reduces waste and saves money
What is the tertiary sector of the economy involved in?
The provision of goods and services to the general public
What is the relationship between households and the economy?
Households are both consumers and producers
What is the purpose of recycling?
To use waste in the production of other products
Why is it important to use resources sparingly?
To prevent waste and ensure that resources are available for future generations
What is the main idea behind the 3Rs of sustainable use?
To reduce waste and promote sustainability
What can be done with goods that are no longer in use?
They can be given away to others
What is the importance of recycling and reusing goods?
To prevent waste and ensure that resources are available for future generations
What is the goal of using goods and services efficiently?
To promote economic growth and development
What is the benefit of giving away goods that are no longer in use?
It reduces waste and saves money
What is the main idea behind reusing products?
To find new uses for a product
What is the role of households in the economic cycle?
To buy goods and services, provide labor, and entrepreneurial knowledge
Why is it important to promote the reuse of products?
It reduces waste and saves money
Study Notes
Goods and Services
- Goods are physical products produced to satisfy needs and wants, tangible items that can be seen, used, and touched.
- Examples of goods: sugar, television set, sweets, table, etc.
Differences between Goods and Services
- Goods: physical products, tangible items
- Services: work done for someone in exchange for money, non-tangible/intangible
- Examples of services: legal services, consultations with a doctor, hairdressing, etc.
Types of Goods
Perishable Goods
- Goods that must be used in a specific time, having an expiry date
- Examples: meat, milk, fresh vegetables and fruit
Non-Perishable Goods
- Goods that do not have an expiry date and can last a very long time
- Examples: toys, cars, clothes
Goods and Services
- Goods are physical products produced to satisfy needs and wants, can be seen, used, and touched (tangible items); examples: sugar, television set, sweets, table, etc.
- Services are work done for someone in exchange for money, using a person's skills or knowledge, and cannot be seen or touched (intangible); examples: legal services, consultations with a doctor, hairdressing, etc.
Perishable and Non-Perishable Goods
- Perishable goods are goods that must be used in a specific time, having an expiry date; examples: meat, milk, fresh vegetables and fruit.
- Non-perishable goods are goods that do not have an expiry date and can potentially last a very long time; examples: toys, cars, and clothes.
Producers
-
Producers are people/businesses that use resources to produce goods or provide services to meet people's needs and wants.
-
Producers operate in three sectors:
Primary Sector
- Natural resources are used directly in this sector.
- Examples: fisheries, forestry, agriculture.
Secondary Sector
- This sector uses raw materials to produce final goods (tangible goods).
- Examples: production of jewelry, processed food, butchery, furniture factory, clothing factory.
Tertiary Sector
- This sector provides goods and various services to the general public.
- Distribution of goods to trading companies takes place in this sector; examples: furniture stores, clothing stores, provision of personal services like hairdressers, doctors, and other services.
Consumers
- Consumers are individuals, households, companies, and other government institutions that buy or use goods and services to satisfy their needs and wants.
- Consumers are interdependent because they compete for the limited resources available.
Households
- Households are a group of people living together under one roof, buying goods and using services.
- Households play a role in the economic cycle:
- As consumers, they buy goods and services to satisfy their needs and wants.
- As producers, they provide labor and entrepreneurial knowledge.
- Households can also produce their own goods and services, such as growing their own food or providing services within the household.
Goods and Services
- Goods are physical products produced to satisfy needs and wants, and are tangible items (e.g. sugar, television set, sweets, table).
- Services are work done for someone in exchange for money, and are intangible (e.g. legal services, consultations with a doctor, hairdressing).
Types of Goods
- Perishable goods are goods that must be used in a specific time and have an expiry date (e.g. meat, milk, fresh vegetables and fruit).
- Non-perishable goods are goods that do not have an expiry date and can potentially last a very long time (e.g. toys, cars, and clothes).
Producers
- Producers are people or businesses that use resources to produce goods or provide services to meet people's needs and wants.
- Producers operate in different sectors:
- Primary sector: uses natural resources directly (e.g. fisheries, forestry, agriculture).
- Secondary sector: uses raw materials to produce final goods (e.g. production of jewelry, processed food, butchery, furniture factory, clothing factory).
- Tertiary sector: provides goods and services to the general public (e.g. furniture stores, clothing stores, and provision of personal services such as hairdressers, doctors).
Consumers
- Consumers are individuals, households, companies, and government institutions that buy or use goods and services to satisfy their needs and wants.
- Consumers are interdependent because they compete for the limited resources available.
Households
- Households are a group of people living together under one roof, buying goods and using services.
- The role of households in the economic cycle:
- They are consumers, buying goods and services to satisfy their needs and wants.
- They provide labor, earning money to buy goods and services.
- They provide entrepreneurial knowledge, supporting businesses and the economy.
Efficient and Effective Use of Goods and Services
- A healthy environment has a balance between use of natural resources and production.
- A perfect balance is when used resources are replaced (e.g. planting trees in place of those that are cut down).
- Cleaner production methods and technology must be used to create more opportunities for small businesses and "green" jobs.
Recycling and Reuse of Goods
- Recycling and reuse of goods can help prevent waste and respect nature.
- Ways to recycle or reuse goods:
- Donate or give away items that are no longer in use.
- Buy used or second-hand goods.
- Repair damaged or broken goods.
- The 3Rs of sustainable use:
- Reuse: find other uses for a product.
- Reduce: use less of a product.
- Recycle: use waste in the production of other products.
Learn about the differences between goods and services, their producers and consumers, and the importance of efficient use and recycling.
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