Match List-I with List-II:
| List-I | List-II |
|---|---|
| (A) Goods | (I) A decision making unit, which can be a single person or a group like a household or a firm |
| (B) Services | (II) Goods and services which are used to produce other goods and services |
| (C) Individual | (III) Physical, tangible objects used to satisfy people’s wants and needs |
| (D) Resource | (IV) The intangible satisfaction of wants and needs |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
Each term has a fixed meaning in economics, which decides the match.
| List-I | List-II | Reason |
|---|---|---|
| (A) Goods | (III) Physical, tangible objects used to satisfy people’s wants and needs | Food and clothes are goods: they can be touched. |
| (B) Services | (IV) The intangible satisfaction of wants and needs | The work of a doctor or a teacher is a service; it is not a physical object. |
| (C) Individual | (I) A decision making unit, which can be a single person or a group like a household or a firm | An ‘individual’ is any decision making unit, not only one person. |
| (D) Resource | (II) Goods and services which are used to produce other goods and services | Land, labour, tools and machinery are resources because they are used to produce other goods. |
NCERT (2026-27): “1.1 A Simple Economy … By goods we means physical, tangible objects used to satisfy people’s wants and needs. The term ‘goods’ should be contrasted with the term ‘services’, which captures the intangible satisfaction of wants and needs. As compared to food items and clothes, which are examples of goods, we can think of the tasks that doctors and teachers perform for us as examples of services.” “By individual, we mean an individual decision making unit. A decision making unit can be a single person or a group like a household, a firm or any other organisation.” “By resource, we mean those goods and services which are used to produce other goods and services, e.g. land, labour, tools and machinery, etc.” |