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Class : 11
Unit : Economics

Explain the Meaning of Goods and Services.

Ans : (i) Goods:- All commodities having utility are called goods. Utility means capacity to satisfy human wants. Goods are those tangible thing or commodities that are used to satisfy human wants. For example, food, clothes, building etc. The main features of goods are: a) Goods must have transferability. b) Goods must be material and visible. c) Goods are also capable of being stored. (ii) Services:- A type of economic activity that is intangible and can’t be stored, which satisfy human wants is known as service. For example, Doctors service, teacher service, layer service etc. The main features of services are: a) Services do not have any existence. b) Services are consumed on the spot. c) Service do not have physical structure (form, shape and sizes). They can neither be nor be touched. Service can simply be felt. d) They cannot be stored for future.
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