key term - Goods

Definition

Goods are tangible products that satisfy human wants or needs and are offered for sale in the market. They include items such as food, clothing, and electronics that can be physically touched and owned.

Related terms

Services:

Services are intangible activities or benefits provided by one party to another, often requiring time, effort, or expertise (e.g., haircuts, education, and repair services).

Consumer Goods: Consumer goods are goods intended for final use by individuals or households for personal care, entertainment, and daily living.

Capital Goods: Capital goods are tangible assets used by businesses to produce goods or services and include machinery, buildings, and tools