any 5 goods and services that we purchase in an economy
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1. Free goods and economic goods.
2. Free services and economic services.
3. Consumer goods and producer goods.
4. Consumer services and producer services.
5. Single use goods and durable use goods.
6. Private goods and public goods.
Goods
1. Goods are tangible in nature i.e. they can be seen and touched.
2. There is a time gap between production and consumption of goods as they are produced first and consumed later.
3. They can be stored and utilized when required.
4. They can be transferred from one place to another.
Let us take example of any one good, say chair. You can see a chair and can also touch it. The carpenter first makes it in his workshop. You use it after purchasing it from the market. So there is a time gap between production of chair and its consumption. If suppose you do not require that chair immediately you can keep it in your store and can use it when you require it. You can even give it or sell it to another person.
Services
1. Services are non-tangible in nature i.e. they can neither be seen nor be touched.
2. There is no time gap between the production and consumption of services. That is why they are produced and consumed simultaneously.
3. Services cannot be stored.
4. Transfer of service is not possible.
Let us consider the example of services of a doctor. The doctor examines a patient and writes the medicines. Now he has delivered a service (for the treatment of the patient), which we cannot see or touch. The moment he examines the patient, he has delivered his services which is also consumed by the patient. So there is no time gap between production and consumption of services. Now this service cannot be stored or transferred.
16
ECONOMICS
2. Free services and economic services.
3. Consumer goods and producer goods.
4. Consumer services and producer services.
5. Single use goods and durable use goods.
6. Private goods and public goods.
Goods
1. Goods are tangible in nature i.e. they can be seen and touched.
2. There is a time gap between production and consumption of goods as they are produced first and consumed later.
3. They can be stored and utilized when required.
4. They can be transferred from one place to another.
Let us take example of any one good, say chair. You can see a chair and can also touch it. The carpenter first makes it in his workshop. You use it after purchasing it from the market. So there is a time gap between production of chair and its consumption. If suppose you do not require that chair immediately you can keep it in your store and can use it when you require it. You can even give it or sell it to another person.
Services
1. Services are non-tangible in nature i.e. they can neither be seen nor be touched.
2. There is no time gap between the production and consumption of services. That is why they are produced and consumed simultaneously.
3. Services cannot be stored.
4. Transfer of service is not possible.
Let us consider the example of services of a doctor. The doctor examines a patient and writes the medicines. Now he has delivered a service (for the treatment of the patient), which we cannot see or touch. The moment he examines the patient, he has delivered his services which is also consumed by the patient. So there is no time gap between production and consumption of services. Now this service cannot be stored or transferred.
16
ECONOMICS
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