True. In economics, goods are tangible items that can be seen or touched, such as physical products. Services, on the other hand, refer to intangible activities or work performed by one person for the benefit of another person or entity. Services are not physical items but rather value-added activities that satisfy a need or desire.
True. In economics, goods are physical objects that can be seen or touched, such as clothes, cars, or food. On the other hand, services are intangible acts or efforts done for someone else's benefit, like haircuts, legal advice, or plumbing repairs. They are not physical items that can be held or touched, but instead involve the provision of a certain skill or expertise.
