About Goods and the difference between Tangible and Intangible products

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Answer 1

Question

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

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Answer 2

Question

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

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Answer 3

Question

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

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Answer 4

Question

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

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Answer 5

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

Answer 6

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

Answer 7

Chapter 8, Problem 1QA

Summary Introduction

To define: About Goods and the difference between Tangible and Intangible products

Answer 8

Expert Solution & Answer

Answer to Problem 1QA

Goods: Any kind of physical form of material that satisfies human needs and demands which provides utility to them. For example: A soap, a hairdryer etc.

Tangible Products: Goods are tangible in nature because they can be touched, seen while consuming. For example: A vehicle, a smart phone etc.

Intangible Products: Services are mainly intangible because they can’t be touched, they can only be felt. For example: An insurance police, a computer software etc.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Goods can be of many types.

Free goods: Goods which are in abundance and can be used by anybody are called free goods. For example: Air, sunlight etc.

Consumer goods: A final product which is produced to be consumed by a consumer to satisfy his needs and wants. For example: Biscuits, shampoo etc.

Intermediate goods: Parts and components which are used in making the final good are called intermediate goods. For example: Nuts, bolts, pipes etc.

Differences between Tangible and Intangible products are as

Tangible Products	Intangible Products
⋅They have a physical form and can be touched. ⋅The producer has more control over quality. ⋅Inventory can be stored for some future sales. ⋅For example: Furniture, vehicles, computers etc.	⋅They do not have a physical form and can’t be touched. ⋅The producer has less control over quality. ⋅No inventory to store and experience cannot be stored. ⋅For example: Patents, Brand value, Insurance policies etc.

Answer 12

Ch. 8 - Prob. 1QA Ch. 8 - Prob. 2QA Ch. 8 - Prob. 3QA Ch. 8 - Prob. 4QA Ch. 8 - Prob. 5QA Ch. 8 - Prob. 6QA Ch. 8 - Prob. 7QA Ch. 8 - Prob. 8QA Ch. 8 - Prob. 9QA Ch. 8 - Prob. 10QA

About Goods and the difference between Tangible and Intangible products

Concept explainers

To define: About Goods and the difference between Tangible and Intangible products

Answer to Problem 1QA

Explanation of Solution

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Chapter 8 Solutions