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6 Cards in this Set
- Front
- Back
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Goods and Services |
Goods: Things that we can see, feel and touch. E.g. pen Services: Provided to fulfill a need. E.g. electricity to fulfill the need for light and power |
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Examples of goods |
Consumer Goods: Products directly involved in satisfying consumers' and wants. Durable wants last long e.g. furniture Capital Goods: Used to produce other goods and services e.g. machinery and delivery vehicles Semi-finished goods: Used to manufacture other good e.g. steel - produce metal products |
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Examples of Services |
Personal Services: Aimed at final consumer, often carried out by professionals. Doctors, provide medical services Commercial Services: Involved in getting goods and services to the consumer. Moving people, goods or information |
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Producers and Consumers |
Producers: Businesses or people who make produce, grow or supply goods for sale which will satisfy the needs of consumers Consumers: People who purchase and use goods or services to satisfy their needs |
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The role of households as producers and consumers |
A household is a group of people who purchase and use goods or services, and who live in the residence If unwilling to spend money, businesses have less income. Government depends on individuals to pay tax which is used to build roads, create jobs and supply education and health services. Households provide labour, land, capital or management skills as well as paying businesses for goods and services Businesses, in turn, pay salaries or wages, rent, interest or profits and provide goods and services |
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What is recycling? |
Collecting materials like waste paper, plastic, glass and metal cans and then using them for another purpose |
