Goods vs Services

Goods are only used once, while services can be used multiple times

Goods are provided by individuals, while services are provided by businesses

Goods are intangible, while services are tangible

Goods are tangible, while services are intangible (correct)

To create new products and services

To ensure a positive and memorable experience for the customer (correct)

To increase competition among businesses

To minimize costs for the business

An economy where the majority of economic activity is focused on the provision of services (correct)

An economy where the majority of economic activity is focused on mining

An economy where the majority of economic activity is focused on agriculture

An economy where the majority of economic activity is focused on the production of goods

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