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Meaning of goods and services.
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[QUOTE="Ephy, post: 73668, member: 23353"] Goods are tangible products that satisfy human needs. Goods are produced and consumed at different times. They are also separable from the producer and they can be stored for future use. They can also be standardised, that is they can be made identical. While services are intangible they cannot be touched or felt. They cannot be stored for future use or sale. The production and consumption of a service takes place at the same time for example when a teacher is teaching, the students are consuming that service at the same time. [/QUOTE]
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