Title: Explain economic goods and services.
Course: Fashion Marketing (12153-I) > Section: Understanding Economic and Marketing Concepts

Explanation should include the concepts that

- economic goods (i.e., tangible items) satisfy material wants and needs and have monetary value
- services (i.e., intangibles) are tasks that people or machines perform to satisfy nonmaterial wants and needs and have monetary value.

Explanation should also address the similarities and differences between goods and services:

- Both satisfy wants and needs.
- Both have an exchange rate.
- Both affect the gross domestic product (GDP).
- Applications of marketing functions differ for goods vs. services.
- Methods of consumption differ for goods vs. services.

Process/Skill Questions:

- What fashion businesses offer both goods and services?
- How are goods and services marketed in the global fashion industry?
- Why are fashion goods and services good for the local economy? How do they contribute to the global economy?
- What fashion goods and services are available in the local economy? Where can these products and services be purchased?