Question

Define services and goods.

Answer 1

Services are essentially intangible activities which are separately identifiable and provide the satisfaction of wants. We cannot keep it in stock. Their purchase does not result in the ownership of anything physical. Services involve an interaction to be realised between the service provider and the consumer. A good is a physical product capable of being delivered to a purchaser and involves the transfer of ownership from the seller to customer. Goods also refer to commodities or items of all types, except services, involved in trade or commerce.