BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Goods are things that you can see and touch, Services are activities provided for others that are consumed at the same time they are provided. Economic resources are the things available to be used to produce goods and services. Economic resources are also known as factors of production.

Detailed explanation-2: -What are Services? Services are activities provided for the satisfaction of others that are consumed at the same time they are produced. You purchase and use services to satisfy your wants and needs, but unlike goods, businesses must provide services to you at the time you want to consume them.

Detailed explanation-3: -An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a group. The production and consumption of goods and services as a whole fulfill the needs of those living and operating within it.

Detailed explanation-4: -Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity. Goods are objects that can satisfy people’s wants; services are actions that can satisfy people’s wants.