What is the difference between a good and a service?
A good is a tangible, physical product that can be touched, felt, and typically owned by the buyer. Examples of goods include cars, smartphones, clothes, or food items.
On the other hand, a service is an intangible action or performance that is provided by a person or a group of people to fulfill a specific need or desire of the customer. Services cannot be touched or owned like goods. Examples of services include haircuts, taxi rides, mobile phone plans, or software development.
In summary, goods are physical products, whereas services are intangible actions or performances.