GENERAL KNOWLEDGE

Detailed explanation-1: -Services are intangible items that have monetary value and satisfy customers’ needs and wants. Examples of economic services are banks, movie theaters, and accounting services.

Detailed explanation-2: -Intangible items that have monetary value and satisfy your needs and wants are services. Intangible means you cannot physically touch an item. Services involve a task, such as cooking a hamburger or cutting hair. Banks, dry cleaners, and accounting offices all provide economic services.

Detailed explanation-3: -2. A commodity is anything that can be offered to market to satisfy a want or need.

Detailed explanation-4: -tangible items that have monetary value and satisfy your needs and wants such as toys, cars, furniture, television, clothing, and candy. intangible items that have monetary value and satisfy you needs and wants. Services involve a task such as cooking a hamburger or cutting hair.

Detailed explanation-5: -Intangible products-travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting-can seldom be tried out, inspected, or tested in advance.