‭Differentiate between a good and a service as used in economics.

I‭n economics, a good refers to a tangible product that can be physically touched or held.‬
‭Examples of goods include cars, clothing, and food. On the other hand, a service refers to an‬
‭intangible activity or performance offered by one party to another. Services are typically actions‬
‭or efforts provided by individuals or businesses, such as haircuts, banking, or consulting. While‬
‭goods are physical objects, services are based on actions, skills, or expertise.‬

‭a long explanation‬

‭Certainly! Here's a more detailed explanation:‬

I‭n economics, goods and services are two fundamental components of an economy. They differ‬
‭in terms of their nature, characteristics, and how they are consumed.‬

‭ oods: Goods are tangible products that can be seen, touched, and held. They are typically‬
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‭manufactured or produced and can be stored for later use or consumption. Goods can be‬
‭further classified into durable goods and non-durable goods.‬

‭ urable goods: These are goods that have a longer lifespan and can be used repeatedly over‬
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‭an extended period. Examples include cars, appliances, furniture, and electronic devices.‬

‭ on-durable goods: These are goods that are consumed or used up relatively quickly. Examples‬
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‭include food, beverages, toiletries, and office supplies.‬

‭ ervices: Services, on the other hand, are intangible activities or performances that are‬
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‭provided by individuals or businesses to meet the needs or wants of others. Services are‬
‭typically consumed at the time they are produced and cannot be stored for future use. Services‬
‭can be categorized into various types based on the nature of the activity.‬

‭ rofessional services: These include services provided by professionals such as doctors,‬

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‭lawyers, accountants, architects, and consultants.‬

‭ ersonal services: These include services related to personal care and well-being, such as‬
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‭haircuts, spa treatments, fitness training, and house cleaning.‬

‭ ospitality services: These include services provided in the tourism and hospitality industry,‬
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‭such as hotel accommodation, restaurant meals, travel arrangements, and entertainment.‬

‭ inancial services: These include services related to banking, insurance, investment‬

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‭management, and financial advice.‬
‭ hile goods are physical objects that can be bought and sold, services are based on actions,‬
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‭skills, or expertise. Both goods and services contribute to economic growth and play a vital role‬
‭in satisfying consumer needs and wants.‬