Difference between goods and services? 4 points
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Goods -Goods refer to the tangible consumable products, articles, commodities that are offered by the companies to the customers in exchange for money. They are the items that have physical characteristics, i.e. shape, appearance, size, weight, etc. It is capable of satisfying human wants by providing them utility. Some itemsare made for one-time use by the consumer while some can repeatedlybe used.
services-are the intangible economic product that is provided by a person on the other person’s demand. It is anactivity carried out for someone else.They can only be delivered at a particular moment, and hence they are perishable in nature. They lack physical identity. Services cannot be distinguished from the service provider. The point of sale is the basis for consumption of services. Services cannot be owned but can only be utilized. You can understand this by an example: If you buy a ticketfor watching a movie at the multiplex,it doesn’t mean that you purchased the multiplex, but you have paid the price of availing services.
services-are the intangible economic product that is provided by a person on the other person’s demand. It is anactivity carried out for someone else.They can only be delivered at a particular moment, and hence they are perishable in nature. They lack physical identity. Services cannot be distinguished from the service provider. The point of sale is the basis for consumption of services. Services cannot be owned but can only be utilized. You can understand this by an example: If you buy a ticketfor watching a movie at the multiplex,it doesn’t mean that you purchased the multiplex, but you have paid the price of availing services.
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