Question

What is the difference between products, goods and services? Please explain the differences between each one

Answer 1

Both these terms are used in earning revenues.

Required differences and explanations are as below:

No.	Goods	Services
1	This indicates tangible items, like garments, crops, electronic products, etc.	This indicates facilities, like consultancy service, utility service, travel agency, etc.
2	Owner of goods can transfer his/her ownership to other. This is done while selling goods.	Ownership of service can’t be transferred; such as an auditing service requires some special knowledge, which is possessed by the auditor only.
3	This can be returned by a buyer to seller if such good is not up to the mark.	This can’t be returned; such as a doctor’s service can’t be returned to that doctor on the ground of non-recovery of patient.
4	If required this can be stored, like excess crops are kept in a warehouse.	This can’t be stored in any way.
5	Goods are produced today can be consumed later; like consumed in the next month.	This can’t be consumed later – the service which is produced must be consumed by the buyer at the same time.