5 Questions
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.
An example of a durable good is a television.
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?
An example of a service is eating dinner at a restaurant.
Can the ownership of services be transferred from one person to another? Explain.
No, the ownership of services cannot be transferred from one person to another as they are performed as and when required by the customer.
Test your understanding of the difference between goods and services with this quiz. Explore the characteristics of goods, their tangibility, and their transfer of ownership. Sharpen your knowledge of the distinct features that set goods apart from services.
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