what is primary diffrence between goods and services
good can be transferred servise belong to the producer
good use economic resours sevices do not
good are tangible services are intangible
good are most costly then services
The primary difference between goods and services can be summarized as follows:
1. Tangibility: Goods are tangible, physical products that can be touched, held, and seen. Services, on the other hand, are intangible and cannot be physically owned or possessed.
2. Transferability: Goods can be transferred from one person to another through sale or exchange. Services, on the other hand, are not transferable and belong to the producer or provider. Once a service is provided, it is consumed and cannot be sold or transferred to someone else.
3. Economic resources: Goods require the utilization of economic resources such as raw materials, labor, and capital during the production process. Services, on the other hand, do not use economic resources directly. The production of services usually involves the skills, knowledge, and expertise of individuals.
4. Cost: Generally, goods tend to be more costly than services. Goods require raw materials, manufacturing processes, packaging, transportation, and other associated costs. Services, on the other hand, are often based on the expertise or time of the service provider, which may be less costly to produce.
It's important to note that while these are the primary differences between goods and services, there can be some overlap or hybrid models where a product may include services or vice versa.