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Class : 11
Unit : Economics


What are the difference between goods and services.

Ans : The difference between goods and services are given in table below: Basis Goods (Material goods) Services (Non-material) i. Existence Goods have their own physical existence. They have their form, shape and size. Services do not have any physical existence. They do not have form, shape and size. ii. Transferability Goods can be transferred from one place to another and from one person to another. Services cannot be transferred from one person to another. iii. Visible Goods are visible because they have physical existence. Services are invisible because they do not have physical existence. iv. Storing Goods can be stored for future use. Services cannot be stored for future use. v. Examples Food, clothes, building etc. Doctor service, teacher service etc.
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