Goods vs Services
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Questions and Answers

Which one of the following correctly defines a good?

  • A good is a tangible product that can be seen and touched. (correct)
  • A good is a resource used in the production of goods and services.
  • A good is a service that is provided to consumers.
  • A good is an intangible product that cannot be seen or touched.

Which one of the following correctly defines a service?

  • A service is a tangible product that can be seen and touched.
  • A service is a resource used in the production of goods and services.
  • A service is a good that is provided to consumers.
  • A service is an intangible product that cannot be seen or touched. (correct)

Which one of the following resources is used in the production of goods and services?

  • Labor
  • Money
  • Technology
  • All of the above (correct)

Which of the following is the best definition of a good?

<p>A tangible product that can be bought or sold. (C)</p> Signup and view all the answers

Which of the following is the best definition of a service?

<p>A service that is provided to customers. (D)</p> Signup and view all the answers

Which of the following resources is NOT used in the production of goods and services?

<p>Money (A)</p> Signup and view all the answers

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