Question

What are goods and services

Answer 1

Goods are items that are tangible, such as pens, salt, shoes, hats and folders and Services are activities provided by other people, such as doctors, lawn care workers, dentists, barbers, waiters, or online servers. According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services.

Answer 2

Answer:

Goods are the tangible asset that is owned, produced and sold by the business entrepreneurs. This has a physical presence and specific shape, size, and weight.

For example - Land, Building, Machinery, etc.

Services are the intangible asset which is produced or provided to the final consumer at the time of consumption. They don't have any physical appearance.

For example - Hospitality, House cleaning, Teaching, etc.