alleryStart learning →Which of these is a service rather than a good?
AA laptop built and sold by a manufacturer
BA haircut given by a working hairstylist
CA jacket stitched and sold by a tailor
DA car assembled and sold by a factory
Answer & Solution
Correct answer: B. A haircut given by a working hairstylist
1. Goods are tangible items manufactured by businesses, such as laptops.
2. Services are intangible offerings that cannot be held, touched or stored.
3. Hairstylists, physicians, lawyers, car washes and airlines all provide services.
4. Laptops, jackets and cars are physical items that can be held and stored, so all three are goods.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.1 The Nature of Business_
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