GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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goods are sold at supermarkets for consumption
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goods are intangible items that cannot be seen or touched
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goods are actions done by businesses for consumers
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goods are physical, tangible products that can be seen and touched
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Detailed explanation-1: -Goods are tangible items i.e. they can be seen or touched whereas services are intangible items. When the buyer purchases the goods by paying the consideration, the ownership of goods moves from the seller to the buyer. Conversely, the ownership of services is non-transferable.
Detailed explanation-2: -Tangible goods are products or items you can see, feel, and touch. For instance, these products can include books, food items, groceries, medicine, and skincare products. They differ from intangible products such as health care, accounting and financing services, consulting, travel, and insurance.
Detailed explanation-3: -Tangible products differ in that they can usually, or to some degree, be directly experienced-seen, touched, smelled, or tasted, as well as tested.
Detailed explanation-4: -A good is a physical thing and it can be seen and touched. A good is tangible. a service is a deed performed by one party for another. A customer is unable to keep a service as they are a good.
Detailed explanation-5: -Tangible assets are physical things. Examples include land, buildings, vehicles, furniture, and equipment. On the balance sheet, assets are recorded as current and long-term assets (non-current assets).