Question
What is the difference between goods and services?
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Basis
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Goods
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Services
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Meaning
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Goods are a physical product which can be delivered to a buyer and involves the ownership from seller to customer.
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Services are those separately identifiable, essentially intangible activities which provide satisfaction of wants, and are not necessarily linked to the sale of a product or another service.
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Nature
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A physical object.
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An activity or process.
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Intangibility
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It is tangible like books.
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It is intangible. For example; teaching by a teacher.
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Inconsistency
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Homogeneous.
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Heterogeneous.
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Inseparability
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It can be separated from its owner.
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It can't be separated from its owner.
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Inventory
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It has inventory.
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It has no inventory.
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Involvement
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Participation of customers is not there in production. For example, manufacturing a car.
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Participation of customers is there. For example, transportation is not possible unless the person who has to go is involved.
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