What term is used for products sold to generate revenue?

Prepare for the SQA National 5 Geography Exam with engaging multiple-choice questions and flashcards. Each question includes helpful hints and explanations to enhance your understanding. Ace your exam with confidence!

The term "goods" refers specifically to tangible products that are produced, marketed, and sold to generate revenue. These are physical items that can be touched and handled, such as clothing, electronics, and food products. In economic terms, goods can be classified as either consumer goods, which are intended for direct consumption, or capital goods, which are used for the production of other goods or services.

In contrast, services are intangible activities or benefits that one party offers to another, such as consulting or cleaning, and they are not sold in the same way as physical products. Commodities refer to raw materials or primary agricultural products that can be bought and sold, such as oil or wheat, and while they are traded, they do not fully encompass the concept of finished products generating revenue. Assets are resources owned by a business that have economic value, but they are not specifically products sold for revenue.

Thus, the correct choice identifies the type of products that businesses manufacture and sell, focusing on their role in generating income.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy