What term refers to possessions or personal property items of value used for trade or sale?

• A. GDP
• B. Goods
• C. Governing Bodies
• D. House of Representatives

Answer: (B)

Goods are tangible items that have value and can be bought, sold, or traded. When you’re talking about possessions or personal property used in trade, those items fit under the category of goods. They can be things you buy for everyday use, like clothing or electronics, or assets used to produce more value, like machinery. They can be durable or nondurable. This makes sense here because the option labeled as goods specifically refers to items of value that can move through trade, whereas GDP is a measure of total economic output, and Governing Bodies or the House of Representatives are political institutions, not types of possessions. A used guitar you plan to sell, for instance, is a good.