goods and services
goods and services
English Definitions:
Goods and services
Generally, goods and services are the outcome of human or nature efforts. In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility. It is often used when referring to a Goods and Services Tax. We satisfy our needs and wants by buying goods and services. Goods are items you can see and touch, such as a book, a pen, salt, shoes, hats, a folder etc. Services are provided by other people, such as; a doctor, a lawn mower worker, a dentist, haircut and eating in restaurants.
Goods and services
Goods are items that are usually (but not always) tangible, such as pens, salt, apples, and hats. Services are activities provided by other people, who include doctors, lawn care workers, dentists, barbers, waiters, or online servers, a book, a digital videogame or a digital movie. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services (see Distribution (marketing)#Channels_and_intermediaries).
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"goods and services." Kamus.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.kamus.net/english/goods+and+services>.
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