What are tangible items with monetary value that satisfy needs and wants called?

Tangible items with monetary value that satisfy needs and wants are referred to as goods. This classification includes physical products that can be seen, touched, and purchased, like clothing, food, and electronics. Goods are a fundamental concept in business and economics, as they are essential for fulfilling consumer demands.

On the other hand, services refer to intangible offerings that provide value, such as haircuts or financial advice, but they do not involve physical products. Assets encompass a broader category that includes both goods and services but primarily denotes resources owned by an entity that possess economic value. Resources can refer to anything used to produce goods and services, including both tangible and intangible items. Therefore, the term "goods" most accurately describes tangible items that fulfill specific consumer wants and needs.