Goods and Services

• What is the primary sector of industry?

  Where raw materials are produced
• What is an example of the secondary sector?

  Factory
• What do businesses in the tertiary sector provide?

  Services
• How does the chain of production function?

  Links primary, secondary, and tertiary sectors
• What does 'land' refer to in factors of production?

  Natural resources needed for production
• What is meant by 'labour' in factors of production?

  Physical and mental effort for production
• What does 'capital' refer to in factors of production?

  Money and fixed assets for production
• What role does 'enterprise' play in production?

  Organizes other factors of production
• Who are consumers?

  Final users of goods and services
• What are services?

  Non-physical intangible items
• What are personal services?

  Services provided for individuals
• What are commercial services?

  Services mainly for businesses
• What are needs?

  Items necessary for survival
• Give examples of needs.

  Food, water, warmth, clothing, shelter
• What are wants?

  Items not necessary for survival
• Give examples of wants.

  TV, mobile phone, holidays, cars
• What is a market?

  Where buyers and sellers meet
• What is the definition of a retailer?

  Sells goods to consumers
• What are the functions of a retailer?

  • Display goods
  • Promote goods
  • Sell to consumers
  • Provide customer service
  • Handle complaints
  • Distribute goods
  • Buy from wholesalers/manufacturers
  • Break bulk
  • Offer credit
• What are goods?

  Tangible items that can be touched
• What are consumer goods?

  Goods produced for final consumers
• Give examples of consumer goods.

  Cars, food, clothes
• What are producer goods?

  Goods produced for other businesses
• Give examples of producer goods.

  Vehicles, computers, furniture
• What are durable goods?

  Consumer goods lasting a long time
• Give examples of durable goods.

  TV, mobile phone, washing machine
• What are non-durable goods?

  Goods consumed immediately or short-lived
• What is the lifespan of non-durable goods?

  Less than three years
• What are examples of primary, secondary, and tertiary goods?

  • Primary: Fresh lettuce, eggs
  • Secondary: Crisps
  • Tertiary: Services like education