Intangible good produced for which people expect to pay.

Intangible good produced for which people expect to pay.

• A. Idea
• B. Service
• C. Commodity
• D. Good

Answer: (B)

A service is an intangible activity performed to satisfy a want, and it’s produced in exchange for payment. Because it isn’t a physical object, you can’t hold a service; you pay for the performance or expertise—the haircut, the medical checkup, the tutoring, the legal advice. That fits the idea of an intangible good produced for which people expect to pay. A commodity or a good refers to tangible items you can touch, while an idea is an intangible concept—not a typical market service you pay for in everyday context. So the best fit is the service, since it’s something produced as an activity and bought for a price.

A service is an intangible activity performed to satisfy a want, and it’s produced in exchange for payment. Because it isn’t a physical object, you can’t hold a service; you pay for the performance or expertise—the haircut, the medical checkup, the tutoring, the legal advice. That fits the idea of an intangible good produced for which people expect to pay. A commodity or a good refers to tangible items you can touch, while an idea is an intangible concept—not a typical market service you pay for in everyday context. So the best fit is the service, since it’s something produced as an activity and bought for a price.