Question

Which of the following statement(s) is/are NOT correct?

Goods are physical items

Services are activities that provide some sort of value

Organizations that provide services never sell any goods (Some organizations may provide a combination of good and service, for example restaurants)

Organizations that sell goods never provide any services (Some organizations may provide a combination of good and service, for example retail sales)

Answer 1

The statement 'Organizations that provide services never sell any goods' is NOT correct. Some organizations may provide a combination of goods and services.

Step-by-step explanation:

The statement 'Organizations that provide services never sell any goods' is NOT correct. Some organizations may provide a combination of goods and services, such as restaurants that sell food (goods) and also provide dining experiences (services).

Additionally, it is important to understand that goods are physical items that we receive, while services are activities that provide some sort of value, such as a haircut, insurance, or a visit to the dentist.

In summary, some organizations that provide services may also sell goods, and vice versa. Both goods and services are important parts of the economy and have their own characteristics and definitions.