What is the difference between goods and services? | iGERENT

What is the difference between goods and services?

Goods are tangible. They consist of products that one may purchase to use or consume. Depending on the nature of the good or product, it may be consumed upon its first use (e.g. chocolate bar, banana, soda water) or may be used on more than one occasion, where the product does not lose its original characteristics (e.g. pen, shoes, motorcycle).

Services are intangible. They are actions provided by a third party that may require a special skill or resource. When paying for a service, one does not own the service, only the result of the action provided by the service provider (e.g. haircut, painted wall) or the right to the provision of the service (legal advice from an attorney, a room in a hotel, telephone line provided by a telephone company).