Goods and Services Goods refer to products that

Goods and Services Goods refer to products that are valuable, scarce, useful and exchangeable. Services are actions to satisfy the consumer.

Goods Physical formed items of relative value and wealth. • Items such as cloth, metal, sugar and alcohol fall under this category • Along with anything you would buy at the market. •

Capital Goods • Capital goods are considered products used to help the production of another production line. • Items such as tools, factory equipment and much more • every product will have to be associated with a capital good; weather it is a truck bringing products to the stores, tools for harvest or even factory line robots.

Durable Goods • Products meant to last more then three years, with continues use. • Many items may be able to last more then three years, but if it can not be used repeatedly trough the three years it is not a durable good • Items such as tools, furniture and appliances.

Services • A service is a task carried out bye someone in the service industry. • Such as plumber's, mechanics and cable men • Services have no physical form but usually has a physical result of the service carried out; such as a fixed sink, a running car or even a clearer picture on a television.

Goods in relations to services When you buy groceries from the store, you are purchasing goods from a server acting as a cashier; the money you used was most likely a result of a services you preformed in order to maintain a sufficient wealth. Without a server taking action in selling the goods, moving the goods and ordering the shipments; the modern day market would be non existent.

Conclusion Goods are the products of the factors of production; sometimes meant as a finalized product for consumption use only, and sometimes for the purpose to assist in the production of another good. However services are performed by workers, carrying out task in order to produce the product, such as a factory line worker.