Why are goods and services significant to understanding economics?

Question

thanks for all the help you can give =) please provide examples of both goods and services!!
this is a very hard class for me and i do not have a book soo any help is needed!!!

Answer 1

Basically because goods and services are what economics is about. Ecs has been defined as about "the allocation of scarce resources". "The economy" of a city, country, or the world IS the production, distribution and consumption of goods and services, and all aspects of this such as prices, relevant government policies, taxes and laws, things that affect costs of production such as inventions (which reduce costs) and difficultis in moving things from producer to consumer (which increases costs), and things that affect consumption such as income, choice, fashion, the weather, war, and advertising.

Examples of goods: television, microwave, PC, flowers, butter.
Examples of services: broadcasters (the folks at the TV mike), computer software, haircuts, electricians repairing cables.

"Goods" are things you can weigh, measure and touch that are of economic worth. (Waste paper is not a good because it's useless and its price is zero; a new ream of paper is a good because you can buy and sell it.)

"Services" are things people charge money for providing, which are intangible.

Answer 2

well, goods and services are what keep alive economics, and the industrial world, but any type of world now on Earth.

ex goods: food, drink, clothes, computers,
services: lawyer, designers, doctors

if you buy a TV (good) you pay for VAT(what is for the guvern) the rest of the money goes for the company. the company will rate your buying on a supply-demand graf so they will rate the needless of the product....

economics are not hard at all! it is about understanding your own daily life, and a bit more, like what why and how happens!