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Definition: Goods are tangible items—physical products that can be seen, touched, stored, and owned. They are produced, sold, and transferred from seller to buyer.

Examples:

  • Books

  • Cars

  • Clothing

  • Electronics

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Definition: Services are intangible activities—actions or performances provided by one party to another. They cannot be physically possessed or stored, and are consumed at the time they are delivered.

Examples:

  • Haircuts

  • Tutoring

  • Legal advice

  • Transportation

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