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What is the distinction between goods and services?
What is the distinction between goods and services?
Goods are tangible items or products that can be touched, felt, or seen, while services are intangible activities that cannot be seen, felt, or touched but can be experienced by the consumer.
Provide an example of a durable good.
Provide an example of a durable good.
An example of a durable good is a television.
Explain the difference between consumer goods and producer goods.
Explain the difference between consumer goods and producer goods.
Consumer goods are goods that are used by the end consumer, while producer goods are goods used by producers to manufacture other goods.
What is an example of a service?
What is an example of a service?
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Can the ownership of services be transferred from one person to another? Explain.
Can the ownership of services be transferred from one person to another? Explain.
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