DECA Economics Practice Exam

Question: 1 / 400

Which of the following describes goods in an economic context?

Intangible services provided to consumers

Tangible items produced for consumption

In the context of economics, goods refer specifically to tangible items that are produced for the purpose of consumption. This definition highlights their physical nature, meaning that goods can be touched, seen, and stored. Examples include items such as food, clothing, and electronics, which consumers purchase and use to satisfy their wants and needs.

The focus on being tangible is crucial, as it distinguishes goods from other economic categories such as services, which are intangible and involve activities or benefits provided to consumers. Goods are an essential part of economic transactions, involving production, distribution, and consumption processes. Thus, the characterization of goods as tangible items produced for consumption accurately reflects their role in economic theory and practice.

Get further explanation with Examzify DeepDiveBeta

Ideas or concepts that meet consumer desires

Natural resources available for use

Next Question

Report this question

Download DECA Economics Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy