Define services and goods.



Q.1:- Define services and goods.

 

Answer:-



Services are essentially intangible activities which are separately identifiable and provide satisfaction of wants. We cannot kept it in stock. Their purchase does not result in the ownership of anything physical. Services involve an interaction to be realized 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 seller to customer. Goods also refer to commodities or items of all types, except services, involved in trade or commerce.