Question

Explain the difference between good and services based on its
nature?​

Answer 1

Explanation:

'Goods' are the physical objects while 'Services' is an activity of performing work for others. Goods implies the tangible commodity or product, which can be delivered to the customer. ... One of the main difference between goods and services is that the former is produced and the latter is performed.

Answer 2

Answer:

The five important differences between goods production and service operations are as follows:

1) Goods are tangible while services are intangible.

2) Goods are produced before they are consumed, while in case of services production and consumption happen at the same time.

3) Goods can be stored in inventory while services cannot be stored for later use.

4) Quality assurance in goods is objective and is measurable, while the same for services is very subjective.

5) Most manufactured goods can be patented while most services cannot be patented and hence can be easily copied.