Give a defination of goods and services and an example of each.explain what is meant by efficientband effective use of goods and services
Goods are tangible products that are produced and traded for consumption, while services are intangible activities performed by individuals or businesses for a fee. An example of a good would be a smartphone, while an example of a service would be a haircut.
Efficient use of goods and services refers to the optimal utilization of resources in order to achieve maximum output. This involves minimizing waste, reducing costs, and improving productivity. Effective use, on the other hand, refers to the ability to achieve desired results or outcomes from the use of goods and services. This involves meeting the needs and expectations of customers, and delivering value.
For example, a company that efficiently uses goods and services would streamline their production process to reduce costs and waste, while a company that effectively uses goods and services would deliver high quality products or services that meet the needs of their customers. Ultimately, the combination of efficient and effective use of goods and services leads to successful and sustainable business operations.