10 Questions
What is the difference between goods and services according to the text?
Goods are tangible items that can be physically seen and touched for sale, while services are intangible activities, work done for someone by someone else, usually for pay.
What is the difference between needs and wants as per the text?
Needs are things essential for living, such as water, clothing, warmth, protection, and food. Wants are goods or services which people would like to have, but which are not essential for living.
Why are businesses important according to the text? Provide at least 3 reasons.
- They raise the standard of living. 2. They provide jobs for people to earn money. 3. They provide consumers with important products that make life easy.
How do people start a business? List the steps mentioned.
Step 1: Choosing a business - requiring passion, knowledge, and problem-solving. Step 2: Naming the business and building a plan.
What are the definitions of goods and services provided in the text?
Goods: tangible items that can be physically seen and touched for sale. Services: intangible activities, work done for someone by someone else, usually for pay.
Needs: Are things essential for living. Water, Clothing, Warmth, Protection, ______, Food
Shelter
Wants: Are goods or services which people would like to have, but which are not essential for living. Why are ______ important
businesses
Step 1: choosing a business You need : 1. To be passionate about it 2. To have the knowledge that enables you to do it. 3. To think of problems you want to ______
solve
Step 2: name your business choosing a business is only the beginning, now you need to build your plan. Start by describing your ______
business
Goods: are tangible items that can be physically seen and touched for sale. Services : are intangible activities , work done for someone by someone else ,usually for ______
pay
Test your understanding of the difference between goods and services in the business context with this quiz. Challenge yourself to differentiate between tangible goods and intangible services, and reinforce your knowledge of this fundamental concept in business.
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