Title: Explain economic goods and services.
Course: Fashion Marketing (8140) > Section: Understanding Economic and Marketing Concepts

Explanation should include the concept 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 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?
- What are similarities and differences between the marketing of goods and the marketing of services in the fashion industry?
- What fashion goods and services are available in the local community or closest shopping destination? Which of these businesses contributes most to the local economy? Why?