ZIMSEC O Level Commerce Notes: Production: Introduction:Good and Services
- Production-is the provision of goods and services to satisfy human needs and wants.
Goods and Services (Products)
- goods– these are tangible items with physical attributes for example a car.
- Goods can be classified as:
- durable goods which last for a long time. e.g. cars and furniture.
- nondurable goods– these have a short life span for example perishable goods like fruits, clothes and other types of foodstuffs.
- consumer goods– these are finished and ready for use by the end user e.g. clothes, bread, chips etc.
- Capital ( also known as Producer) goods-these are used to produce other goods for example tractors.
- Services– are intangible items such as education and entertainment.
Needs and wants
- Needs-are things that we need in order to survive. Basic human needs include water,food,shelter,clothes, medical care, education.
- Wants-These are things that we can do without but require in order to live comfortable lives. Examples of wants are LCD televisions, Sofas etc.
–Producers and Consumers
- Producer– those involved in obtaining raw materials or manufacturing goods, offering services and trading.
- Consumer– the end users of goods and services (products).
To access more topics go to the Commerce Notes page.
Quick NetOne, Telecel, Africom, And Econet Airtime Recharge
If anything goes wrong, click here to enter your query.