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NIOS Class 10 Economics Chapter 3 Goods and Services
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Goods and Services
Chapter: 3
MODULE 1: UNDERSTANDING ECONOMICS
TEXTBOOK QUESTIONS (SOLVED)
INTEXT QUESTIONS 3.1
Which of the following items are goods:
(a) Car.
(b) Cell-phone.
(c) Transportation of passengers.
(d) Making of shoes.
Ans. (a) Car.
(b) Cell-phone.
Q.2. Out of the following, which are the characteristics of a good:
(a) Goods can be seen or touched.
(b) Goods cannot be transferred.
(c) There is no time gap between the production and consumption of goods.
Ans. (a) Goods can be seen or touched.
Q.3. Out of the following, which are the characteristics of services:
(a) Services can be seen or touched.
(b) There is no time gap between production and consumption of services.
(c) Services can be stored.
Ans. (b) There is no time gap between production and consumption of services.
Q.4. Human wants are satisfied by bo consuming
(a) Goods.
(b) Services.
(c) Both goods and services.
(d) None of the above.
Ans. (c) Both goods and services.
INTEXT QUESTIONS 3.2
Q.1. Which of the following are correct:
(i) Economic goods are:
(a) Those which are scare.
(b) Those which have a price.
(c) Those which are scare and have a price.
Ans. (c) Those which are scare and have a price.
(ii) Consumer goods are those goods
(a) Which help in further production.
(b) which satisfy human wants directly.
(c) None of these.
Ans. (b) which satisfy human wants directly.
(iii) Example of producer goods are
(a) Machinery.
(b) Tractors.
(c) Bread.
(d) Raw material.
Ans. (a) Machinery.
(b) Tractors.
(d) Raw material.
(iv) Which of the following statements are correct:
(a) Free goods are those goods whose supply is more than the demand.
(b) Single use goods are those goods which are used on for all also.
(c) Durable use goods can be used again and again.
(d) Public goods are those goods which are collectively owned.
Ans. (a), (b), (c) and (d) are correct statements.
INTEXT QUESTIONS 3.3
Write true or false against the following sentences:
(i) Consumption of goods and services helps in the satisfaction of wants.
Ans. True.
(ii) Availability of goods and services depends on the availability of producer goods.
Ans. True.
(iii) More production results in more consumption and more investment.
Ans. (iii) True.
TERMINAL EXERCISE
Q.1. Distinguish between goods and services.
Ans. Distinguish between Goods and Services:
| Goods | Services |
| (i) Goods are tangible in nature i.e. they can be seen and touched. | (i) Services are non-tangible in nature i.e. they can neither be seen nor be touched. |
| (ii) Goods can be stored and utilized when required. | (ii) Services cannot be stored. |
| (iii) There is a time-gap between production and consumption of goods as they are produced first and consumed later. | (iii) There is no time-gap between the production and consumption of services. That is why they consumed simultaneously. |
| (iv) They can be transferred from one place to another. | (iv) Transfer of services is not possible. |
Q.2. Distinguish between economic goods and free goods.
Ans. Economic Goods: Those goods whose demand is more than supply are called as economic goods. These goods may be man- made or free gifts of nature. They command a price and they can be bought from the market. These goods are not freely available. They are limited in supply. Example: toothpaste, bread, table, books, television, water, sand for constructing houses etc.
Free Goods: Free goods are free gift of nature. They are available in abundance. They are in unlimited quantity and the supply is much more than the demand. They are available free of cost.
Example: Air, sunshine, water etc.
Q.3. Distinguish between consumer’s goods and producer’s goods.
Ans. Consumer Goods: Those goods which satisfy the want of consumer directly are called consumer goods. These goods are used for consumption.
Example: Bread, milk, fruits, vegetables, etc.
Producer Goods: Those goods which the want of producer directly are called as producer goods. These goods help in producing other goods.
Example: Machinery, tools, raw-materials etc.
Q.4. Distinguish between single use and durable use goods.
Ans. Distinction between Single-use and Durable-use Goods:
Single-use Goods: Those goods which can be used only once are called single-use goods. These goods are finished only in one use.
Example: Bread, butter, egg, milk etc.
Durable-use Goods: Those goods which can be used again and again for a long period of time are called durable use goods.
Example: Cloth, furniture, television,
Q.5. What is the role and significance of goods and services in an economy?
Ans. Role and Significance of Goods and Services in an in Economy: Goods and services play an important in an economy.
These role and significance can be judged from the following points:
(i) Human Needs: Human needs are unlimited. They are also ever increasing.
It means availability of different goods and services like clothes, shoes, furniture, utensils, television etc. increase, it will satisfy more human wants.
(ii) Production: With the help of goods and services, we can produce more and more to satisfy ever increasing human wants.
(iii) Investment: Increase in the production of goods and services will also determine the level of investment. Given the quantity of goods and services a part of it is consumed, which satisfies human wants. Whatever is not consumed is used for further production as it results in capital formation in the company.
SOME IMPORTANT QUESTIONS FOR EXAMINATIONS
VERY SHORT ANSWER TYPE QUESTIONS
Q.1. Who satisfies human wants?
Ans. Goods and services satisfy human wants.
Q.2. Are goods alone sufficient to satisfy human wants?
Ans. No, we also need the services of different people for different jobs.
Q.3. Where service is required for mending our shoes?
Ans. A cobbler’s service is required for mending our shoes.
Q.4. What is the common nature of goods and services?
Ans. Goods and services are as diverse as our wants.
Q.5. What do you mean by the statement-Goods are tangible in nature.
Ans. It means that goods can be seen and touched.
Q.6. Give any two features of goods.
Ans. (i) Goods can be stored and utilized when required.
(ii) They can be transferred from one place to another.
Q.7. How can you say that chair is a good? Give any two arguments in favour of it.
Ans. A chair is a good because it has all features of a good.
Two of them are as below:
(i) We can see a chair and can also touch it.
(ii) There is a time gap between production of chair and its consumption.
Q.8. “Services are non-tangible in nature.” What is meant by it?
Ans. It means that services can neither be seen nor touched.
Q.9. Give any two examples of services.
Ans. (i) Transportation of passengers.
(ii) Mending of shoes.
Q.10. Why do we classify the goods and services?
Ans. We classify the goods and services to understand them properly.
Q.11. Out of free goods and economic goods, which goods command prices.
Ans. Economic goods.
Q.12. Give one example of free services.
Ans. Services of parents for their children.
Q.13. Which type of goods (Private/ Public) are collectively used?
Ans. Public goods.
Q.14. Out of producer’s goods and consumer goods, which goods satisfy the human wants indirectly?
Ans. Producer’s goods.
Q.15. Out of single use goods and durable use goods, which goods can be used again and again?
Ans. Durable use goods.
Q.16. Give two examples of free goods.
Ans. (i) Sunlight. and
(ii) Sea-water.
Q.17. What do you mean by public goods?
Ans. Public goods are those goods which are owned and enjoyed by the society as a whole. They are available to all people in society.
Q.18. In front of our house, we have a park run and maintained by D.D.A. Is this park a private or public good?
Ans. It is a public good as it is available to all in society.
Q.19. What are intermediate goods?
Ans. Intermediate goods are those goods which are used by the producer for further production of final goods and services.
Q.20. Give two examples of intermediate goods.
Ans. (i) Wheat flour is used for the production of bread in the bakery.
(ii) Milk is used for making sweets.
Q.21. Which type of service is the service of a plumber repairing your leaking tap?
Ans. Consumer’s service.
Q.22. What type of service is “An electrician repairing fault in the electric supply in a product unit”?
Ans. Producer’s service.
Q.23. On the basis of ownership classify the goods.
Ans. On the basis of ownership goods are of two types-
(i) Private goods. and
(ii) Public goods.
Q.24. Give two examples of public goods.
Ans. (i) Roads.
(ii) Bridges.
Q.25. Give two examples of single use producer’s goods.
Ans. (i) Coal. and
(ii) Raw materials.
Q.26. Give two examples of durable consumer goods.
Ans. (i) Cloth.
(ii) Furniture.
Q.27. Give the types of durable use goods.
Ans. Durable use goods are of two types-
(i) Durable use consumer goods. and
(ii) Durable use producer goods.
Q.28. Give any three examples of private goods.
Ans. (i) My watch.
(ii) My house.
(iii) My car.
Q.29. Give any three examples of public goods.
Ans. (i) Bridges.
(ii) Park. and
(iii) School.
SHORT ANSWER TYPE QUESTIONS
Q.1. Give reason, state whether the following are intermediate products or final products:
(i) Purchase of equipments for installation in a factory.
(ii) Purchase of food items by a hotel.
(iii) Purchase of ornaments by military.
Ans.
| Transactions | Final / Intermediate products | Reasons |
| (i) Purchase of equipments for instalation in a factory. | Final product. | Because expenditure on equipment is a final investment. |
| (ii) Purchase of food items by a hotel. | Intermediate product. | Because they are purchased for resale. |
| (iii) Purchase of ornaments by military. | Final products. | Because expenditure on them is investment. |
LONG ANSWER TYPE QUESTIONS
Q.1. Differentiate between consumer goods and producer goods.
Ans. Difference between Consumer Goods and Producer Goods:
| Consumer Goods | Producer Goods |
| (i) Consumer goods are those goods which satisfy a consumers wants directly. | (i) Producer goods are those goods which satisfy the demand of producers. These goods are used in the production of goods and services. |
| (ii) Consumer goods do not promote capital formation or investment. | (ii) Producer goods promote capital formation. |
| (iii) Pen, pencil, radio, furniture etc. are the examples of consumer goods. | (iii) Machine, tools and implements are the examples of producer goods. |
Q.2. Differentiate between durable and non-durable goods.
Ans. Following are the points of distinction between durable and non-durable goods:
| Durable Goods | Non-durable Goods |
| (i) Durable goods are those goods which can be used again and again. | (i) Non-durable goods are those goods which can be used only once. |
| (ii) Demand for durable goods is for long period. | (ii) Demand for non-durable goods is for short period. |
| (iii) Durable-use goods are of two types- Durable-use consumers goods and durable-use producer goods. | (iii) Non-durable goods are of two types- Single-use consumer goods and single-use producer goods. |
| (iv) Car, television, tractor, refrigerator etc. are the durable use goods. | (iv) Fruits, bread, milk, gas, petrol etc. are single-use goods or non-durable goods. |
