Purpose And Nature Of A Business

Question 1

Differences between goods and services

Answer 1

Goods are tangible (used and stored) e.g. computers.
Services are intangible (can’t be stored) e.g. hair dresser.

Question 2

What’s the purpose of a business?

Answer 2

Provide a good or service, benefit society, and distribute products.

Question 3

What is the difference between needs and wants?

Answer 3

Wants are things people would like but can survive without, and services are things people require in order to survive.