In the context of economics, what term describes tasks performed by people that customers purchase to satisfy a want or need?

• A. Capital
• B. Services
• C. Goods
• D. Resources

Answer: (B)

Verified step by step guidance

1. Understand the key economic concepts: Goods are tangible products, Capital refers to man-made resources used in production, and Resources include all inputs like land, labor, and capital.
2. Identify that the question asks for tasks performed by people that customers purchase, which implies an intangible product rather than a physical item.
3. Recall that in economics, 'Services' are defined as intangible activities or benefits provided by people to satisfy wants or needs.
4. Compare the options: Goods are physical items, Capital is a factor of production, Resources are broad inputs, so the best fit for tasks performed by people is 'Services'.
5. Conclude that the term describing tasks performed by people that customers purchase to satisfy a want or need is 'Services'.