Which of the following refers to intangible benefits provided to consumers?

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 refers to intangible benefits provided to consumers is services. Services are activities or offerings that fulfill the needs and wants of consumers but do not result in the ownership of a physical product. Examples include education, healthcare, and entertainment. These services are valuable to consumers because they enhance their quality of life or provide utility, despite not being tangible in nature.

In contrast, goods are physical items that can be touched and owned, such as food, clothing, and electronics. Profit refers to the financial gain that a business makes after all expenses are subtracted from revenue, which is more of a financial outcome than a benefit to consumers as individuals. A market economy describes an economic system where prices are determined by supply and demand, but it does not specifically relate to the intangible benefits provided to consumers. Therefore, services accurately encapsulate the concept of intangible benefits in consumer contexts.

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