ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: –Define goods as objects that satisfy people’s wants and services as activities performed by people, firms or government agencies to satisfy economic wants.

Detailed explanation-2: -Goods are things that satisfy people’s wants. Goods are things people use.

Detailed explanation-3: -Answer and Explanation: Consumers satisfy their wants through purchasing goods and services for consumption purposes. In the global market, the satisfaction of needs and wants is achieved through international trade. In other words, importing and exporting different products and services promote global consumption.

Detailed explanation-4: -consumer good, in economics, any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer. Consumer goods are divided into three categories: durable goods, nondurable goods, and services.

Detailed explanation-5: -Consumers buy goods and services to satisfy their wants, and producers make goods and services.