Choose the correct way term to complete each sentence on goods and services. Ida has many errands to do today. First, she goes to a department store to try on some shirts. A shirt is an example of a (n) because it is. Next, she goes to a restaurant to eat lunch. She could have gone to the grocery store to buy food for the entire week, but she chooses to sit and relax. However, as soon as she leaves the restaurant, the relaxing moment is over. This is because the restaurant experience is a and it is.

Question

Aubrey Hubbard

Business

15 September, 16:24

Choose the correct way term to complete each sentence on goods and services. Ida has many errands to do today. First, she goes to a department store to try on some shirts. A shirt is an example of a (n) because it is. Next, she goes to a restaurant to eat lunch. She could have gone to the grocery store to buy food for the entire week, but she chooses to sit and relax. However, as soon as she leaves the restaurant, the relaxing moment is over. This is because the restaurant experience is a and it is.

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Barbara Solomon · Answer 1

Goods are tangible items that that can be bought at a price while services is defined as intangible benefits that is provided. However, they both provide value and satisfaction to the buying party

A shirt in the scenario is an example of a good as it was a tangible product that did not perish immediately.

The restaurant experience is a service as she chose to go there in order to sit and relax, in addition to buying the food stuff which could have been bought in a grocery store. The sitting and relaxing was an intangible product that expired (perish) as soon as she left the restaurant which qualifies it as a service