Karthikeyan

Goods

• Goods are physical things we can see, touch, and own.

• They satisfy our needs and wants.

• Examples: food, clothes, books, cars.

Services

• Services are activities done by others to help us.

Needs

• Needs are the things that are necessary for survival and daily life.

• Without them, a person cannot live properly.

• They are limited and the same for everyone.

• Examples: food, water, shelter, clothing, healthcare, education.

Wants

Producer

• A producer is a person, company, or country that makes goods or provides services.

• They use resources (like land, labor, machines, raw materials) to create products.

• Producers bring things to the market so people can buy them.

• Examples:

  • A farmer producing milk

Key Points:

• Measured by GDP (Gross Domestic Product). If GDP increases, it means economic growth.

• Causes:

  • Better technology

  • More workers

  • More investment (factories, roads, schools)

1. Perfect Competition – Many sellers, same product (like vegetables in a market). No one controls price.

2. Monopolistic Competition – Many sellers, similar but not same products (like Nike vs Adidas shoes). Some control over price.

3. Oligopoly – Few big sellers (like Pepsi & Coke). They control a big share.

4. Monopoly – Only one seller (like Railways). Full control of price.