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Economics - Financial Markets 5 Online
OpenStudy (anonymous):

Describe the good or service that you bought. What was it? Was it a good or service? Was it a need or want?

OpenStudy (anonymous):

Very simple stuff. A good is a physical item you paid for (like a DVD) while a service is a...welll...a service you paid for (getting a haircut). Need vs. want is just that. Is it something that is crucial to your survival (need like food for example) or just something that made you feel better. Not sure how else to explain this...

OpenStudy (anonymous):

So, you went to the shopping centre (or a market) of some sort, and you needed a good or service... Which did you buy? A good is a tangible item, that you can see and touch, such as fruits or bananas, which are sold on the market place at a typical price. Did you buy this? or did you buy a service, which is a non-tangible item; i.e. one that you cannot see or touch. An example is hairdressing. Did you really need that item? Was it a necessity, which you could not live without? Or was it a want, just something you are willing and able to pay for, but only want it for pleasure or other purposes, i.e. not for living, or not on the upmost point of your scale of preferences?

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