Differences between goods and services include:

Question

Quizplus · Accepted Answer

Goods are tangible, meaning they can be touched, seen, and tasted, while services are intangible, meaning they cannot be touched, seen, or tasted. This is why the intangibility of services is a key difference between goods and services. Another key difference is variability or inconsistency. Services are often highly variable because they depend on the people delivering them, the time or the location of delivery, and the circumstances surrounding the delivery. Goods, on the other hand, are often much more consistent because they can be standardized and produced in large quantities in the same way every time. Profitability is not a key difference between goods and services, as both can be profitable depending on the specific product or service and the market demand for it.

Differences Between Goods and Services Include