What term describes tangible products that can be touched?

Prepare for the SACE Stage 2 Economics exam with a comprehensive quiz. Study through flashcards and multiple-choice questions, each featuring hints and explanations for thorough understanding. Get ready for your exam!

The term that describes tangible products that can be touched is "goods." In economics, goods are classified as physical items that can be seen, touched, and owned, such as food, clothing, and machinery. These are distinct from services, which are intangible activities or benefits that do not result in ownership of something physical, like haircuts or medical check-ups.

Natural resources refer to raw materials or commodities used in the production of these goods, such as minerals, water, and forests, while "wage" pertains to the payment made to laborers for their work and is not a product itself. Therefore, the concept of goods aligns directly with the characteristic of tangibility, making it the correct answer.

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