ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Services are physical objects someone produces.

Detailed explanation-2: -goods: the physical objects that someone produces.

Detailed explanation-3: -Goods are physical objects such as clothes or shoes.

Detailed explanation-4: -Goods. Physical objects that someone produces. Services. Actions or activities that one person performs for another.

Detailed explanation-5: -Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services. The output of a business can lie somewhere between these two concepts. For example, a landscaping company could sell a homeowner a tree (goods) and also mow the lawn (a service).