ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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services
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factors of production
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economic resources
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goods
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Detailed explanation-1: -1. Goods are tangible in nature i.e. they can be seen and touched. 2. There is a time gap between production and consumption of goods as they are produced first and consumed later.
Detailed explanation-2: -Goods. things you can see and touch; they are products you can purchase to meet your wants and needs. Services. activities that are consumed at the same time they are produced. Economic Resources.
Detailed explanation-3: -Clothes, books, buildings, benches are all examples of goods.
Detailed explanation-4: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.
Detailed explanation-5: -Types of Products – 3 Main Types: Consumer Products, Industrial Products and Services. There are a number of useful ways of classifying products. One of the most basic way was the different ways of making a journey.