Goods and services can be an example of anything. Food and restaurants work hand in hand due to the fact that there is a service, or cook to oversee things.
Keep reading to learn about the balance between goods and services.
Goods
A good is an item sold to fulfill a customer’s want or need. These items can be long-lasting, such as: clothing, electronic devices, and books. Short lasting goods would be food and drinks. Goods benefit people by carrying out the duty they were made for, such as books to reading. Goods can also simply give consumers feelings of self fulfillment. This feeling can stem from finally purchasing a long wanted product.
Service
A service is an intangible product that is carried out for the purpose of human consumption. Services can be physical, such as babysitting or pet grooming. A more complex service would be a service business, a business big or small that offers their resources to customers. Online services also aid people digitally, though apps and websites. An online service would be Uber, as users can access the app and call for a ride. Services benefit consumers because they provide for what they were unable to do themselves.
Similarities
Though goods and services may be two separate entities, they still find a way to coexist. For instance, cars to car washes and clothes to a tailor. The intangibility of a service and tangibility of a good make for a proper balance of economic consumption.
Not every good is going to have a service that matches it. Due to the mass production of goods, the service industry has to rapidly adapt and create new jobs. Rather than waiting for a good and service that work hand in hand, discovering one yourself makes for a balance between it.
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