Lesson Summary KEY CONCEPTS An economy is a system of producing, selling, and buying goods and services. There are global, national, and local economies. Goods are products that people buy and use such as clothes, furniture, and toothpaste. Services are actions that people provide such as styling hair, repairing cars or mowing lawns Consumers are the people who buy goods or services for personal use. The study of economies is called economics. All economies face the same basic problem, called scarcity. People's wants are unlimited, but the resources available to satisfy their wants are limited. This leads to scarcity. How are goods different from services?

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Lesson Summary KEY CONCEPTS An economy is a system of producing, selling, and buying goods and services. There are global, national, and local economies. Goods are products that people buy and use such as clothes, furniture, and toothpaste. Services are actions that people provide such as styling hair, repairing cars or mowing lawns Consumers are the people who buy goods or services for personal use. The study of economies is called economics. All economies face the same basic problem, called scarcity. People's wants are unlimited, but the resources available to satisfy their wants are limited. This leads to scarcity. How are goods different from services?

Answer 1

Goods are tangible products that people buy and use such as clothes, furniture, and toothpaste. Services, on the other hand, are actions that people provide such as styling hair, repairing cars or mowing lawns.

Answer 2

This question is asking to provide the differentiation between "goods" and "services", principles in standard economics. Goods are tangible items that individuals use or consume, ranging from food and clothes to furniture and grooming products. Services, conversely, are actions and activities delivered or performed by a person or company to satisfy a need, such as haircare, car repairs, or lawn maintenance. In such instances, consumers are not acquiring something tangible that they can keep and reutilize overtime; instead, they are purchasing a one-time or recurring action to fulfil a need or improve some aspect of their lives.

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