Goods and services Flashcards
1
Q
differentiate between goods and services
A
Goods
1. Goods are tangible in nature i.e. they can be seen and touched.
2. There is a time gap between production and consumption of goods as they are produced first and consumed later.
3. They can be stored and utilized when required.
4. They can be transferred from one place to another.
Ex - Shoes, table, books
Services
1. Services are non-tangible in nature i.e. they can neither be seen nor be touched.
2. There is no time gap between the production and consumption of services. That is why they are produced and consumed simultaneously.
3. Services cannot be stored.
4. Transfer of service is not possible.
ex - Barber cutting hair, Doctor treating patient
