ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Goods
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Services
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Either A or B
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None of the above
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Detailed explanation-1: -A product can be classified as tangible or intangible. A tangible product is an actual physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing.
Detailed explanation-2: -Tangible products differ in that they can usually, or to some degree, be directly experienced-seen, touched, smelled, or tasted, as well as tested. Often this can be done in advance of buying.
Detailed explanation-3: -Tangible goods: These are physical products that can be touch, seen, and/or used. Examples of tangible goods include furniture, clothing, food, and electronics. 2. Intangible goods: These are services or items that cannot be physically touched or seen.
Detailed explanation-4: -Physical product is product which can be touched physically and can be shipped to customer after selling it. The examples of physical products are table, chair, laptop, mobile and anything which is physically touchable.