BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Goods and services are the output of an economic system. Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients. Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services.

Detailed explanation-2: -In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.

Detailed explanation-3: -Products are generally tangible items-something that your customers can physically hold in their hands. EXAMPLE: Your company sells branded swag and merchandise to other businesses. Services are typically intangible-something that you provide or perform for another person.

Detailed explanation-4: -The effort that people put forth to produce goods and services is referred to as labor. The income earned by labor resources is called wages and is the largest source of income for most people.

Detailed explanation-5: -consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.