Question

Which of the following statements is true about goods and services?

a. They can be touched -- they are both tangible.
b. Together, they represent everything that can be bought or sold.
c. They are never scarce.
d. They have no economic value.

Answer 1

The correct statement is the following:

b. Together, they represent everything that can be bought or sold.

They can't both be touched: services can't, while goods can.

Also they have a big economic value: they are everything that has a value.
They can be scarce though, and many goods and services are actually scarce in many places.