2. Meaning of Goods and Services
Goods
Goods are items that can be seen and
touched, such as books, pens and cloths etc...
Goods are physical products with form
and substances used by consumers for their
satisfaction.
4. Services
Services are provided by other people
such as Doctors, Dentists, barbers and teachers
etc....
Services are non-physical products
usually involving performance. It is an activity
performed for the benefit of someone else.
7. Difference between Goods and
Services
Goods Services
Tangible Intangible
Standardized Heterogeneous
Production separate from consumption Simultaneous production and
consumption
Non perishable Perishable
8. Goods Services
Goods can be inventoried Services cannot be inventoried
Can be patented Cannot be patented
Can be readily displayed Cannot be readily displayed
Pricing is easy Pricing is difficult
Mass production is easy Mass production is difficult
Goods can be returned or resold Services cannot be returned or resold
It is easy to synchronize supply and
demand
It is difficult to synchronize supply and
demand
9. An idea, a physical entity, a service or any combination
of the three that is an element of exchange to satisfy
individual or business objectives.
Goods and Services are the outcome of human efforts
to meet the wants and needs of customers.