GENERAL KNOWLEDGE

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: -Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted.

Detailed explanation-4: -In some circumstances it might be better to use ‘products’ to refer to both goods and services, and use a word like ‘goods’ when you want to be specific about referring to physical commodities being sold. Some other suggestions not mentioned in other answers: Deliverable.

Detailed explanation-5: -Products in economics are material things while services are intangibles like accounting or legal services. A word which encompass them is deliverables, as in “These are the deliverables from our company.” They could be products, services or both.