Define services and goods?
Services are intangible activities that require personal
interaction between the consumer (purchaser of the service) and
the service provider (seller of the service) at the time of
delivery. The services need not involve any production or sale of
goods. Generally, services are classified into the following two
(a) Business services: These include banking, insurance
and warehousing services.
(b) Professional services: These include legal services,
medical advice and tax consultancy.
In contrast to services, the term
refers to physical and tangible objects whose ownership gets
transferred to the buyers as soon as he or she purchases these
objects. Examples of goods are televisions, radios and shoes.
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