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What is the difference between goods and services?

Below is a detailed explanation of the differences between goods and services: Tangible means something can be seen, touched, or felt. Tangible assets have a physical existence. Goods are tangible assets since they have physical existence and physical property. Examples of goods are equipment, buildings, and plants.

What are the different types of goods & services?

Classification of Goods and Services: Goods and services are of many types. However, these can be classified into some broad groups. These are discussed below: (i) Free Goods and Economic goods: The goods which have unlimited supply and are provided as free gift of nature.

What are economic goods?

For example, air, sea, water, sunlight, sand in the desert etc. On the other hand, goods like vegetables, grains, minerals, fruits, fishes etc. which are neither man-made nor unlimited supply of nature are known as ‘Economic Goods’ All these goods are sold and purchased in the market only. (ii) Free Services and Economic Services:

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