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

Expert Solution

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.

Rahul Sunny answered 1 year ago

Explain two differences between Services and Manufacturing with one example each. no plagiarism please here are...

Explain two differences between Services and Manufacturing with one example each. no plagiarism please here are some differences you can write it in your oun words: First, many service attributes are intangible, which means that they cannot be inventoried or carried in stock over long periods of time. However, all services have some tangible aspects as well. 2-The outputs of services are also heterogeneous, which means that for many companies, no two services are exactly the same. 3) A third...

1.What are the differences and similarities between goods and services? Please provide some examples. 2. Please...

1.What are the differences and similarities between goods and services? Please provide some examples. 2. Please list and discuss the many components of a promotional campaign. How is it different for international marketing? What activities need to be changed to adapt to the foreign target market?

Explain two differences between Services and Manufacturing with one example each. not to long answe max...

Explain two differences between Services and Manufacturing with one example each. not to long answe max on page and with ecample...

What is the difference between GNP and GDP? Why goods and services are counted at market...

What is the difference between GNP and GDP? Why goods and services are counted at market price? Discuss. Also define three approaches of measuring national income? Why they give identical results?

What is the difference between normal goods and inferior goods? A giffen good is one that...

What is the difference between normal goods and inferior goods? A giffen good is one that has an upward sloping demand curve -- as price increases so does quantity demanded. Is a Giffen good always a inferior good? Why or why not? Can you give an example?

What is the cost difference between Whole life and Term insurance? Please Explain, the cost differences.

Explain the difference between temporary and permanent differences and provide an example of each.

What are the differences between goods and services? Discuss how service providers may take into consideration...

What are the differences between goods and services? Discuss how service providers may take into consideration these differences and better market their services.

Short Answer: Explain the difference between stated- and revealed-preference methods for valuing environmental goods and services....

Short Answer: Explain the difference between stated- and revealed-preference methods for valuing environmental goods and services. When is it appropriate to use one versus the other? (Environmental Economics)

Explain why there are differences between the UCC and Common Law. What is the difference in...

Explain why there are differences between the UCC and Common Law. What is the difference in each of contract formation? This should be 3-4 pages, but that is just a guideline. Besides the two videos, read the textbook chapters as well.

Question