Goods and Services



goods are physical objects such as shoes and shirts. The 4 factors of production also has something to do with goods and services. The economic output is divided into physical goods and services. Goods are items that can be seen and touched,such as books, clothing, shoes, etc.


Services are actions or activity that one person performs for another. Examples haircuts, tutoring, dental checkups,etc. Most business theorists see a continuum with pure service at one endpoint and pure commodity goods at the other endpoint.

Goods and Services