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 Form 1 Business Studies: Satisfaction on human wants online lessons

Meaning and characteristics of goods

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Answer Text:
Meaning of goods and services:
-Goods:are commodities that are tangible. They can be touched and are used to satisfy human wants. E.g. food, house, radio e.t.c.
-Services:refers to human acts that are intangible. Are offered to satisfy human
wants. E.g. teaching, banking, security e.t.c.
Characteristics of goods:
-They are tangible.
-Goods are not always perishable. Some goods are durable and can be stored for future use.
-Quality can be standardized:identical units of same goods can be produced in mass with use of technology or through use of machines.
-Can be separated from the owner: their possession and ownership can change through trade.
-Can be stored for future use: surplus goods can be kept for use in future.