Which term refers to tangible items that are owned upon purchase?

The term that refers to tangible items that are owned upon purchase is indeed goods. Goods are physical products that can be seen, touched, and owned. When a consumer purchases goods, they take possession of a tangible item, such as clothing, electronics, or furniture. This characteristic makes goods distinct from services, which are intangible and cannot be owned.

In contrast, capital refers to financial assets or resources used in the production of goods and services. Labour pertains to the human effort utilized in the production process, encompassing the skills and work provided by employees. While all these terms are essential components of business operations, only goods specifically denote the tangible items that can be owned, making this the correct answer.