What is defined as an act completed for payment?

The correct answer is services, which refers to tasks or activities performed for someone else, typically in exchange for payment. Services can encompass a wide range of activities, such as haircuts, car repairs, cleaning, consulting, and more. They are intangible, meaning you cannot physically possess them like you can with goods.

This concept emphasizes the exchange aspect of a service, where one party provides labor, expertise, or assistance, and the other party compensates them for that work. In practical terms, when you hire someone to perform a service, you are engaging in an economic transaction that relies on the value of that service to meet your needs.

The other options represent different economic concepts. Trade usually involves the exchange of goods and services between parties. Goods refer to tangible products that can be purchased, such as food, clothing, or electronics. A contract signifies a legal agreement between two or more parties to do or not do something, and while it can involve services, the definition specifically requires focusing on the act completed for payment, which encapsulates the essence of services.