Goods and services are the output of an economic system. Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients.

Goods and services are both important parts of the economy. Goods provide consumers with physical products that they need or want. Services provide consumers with intangible benefits, such as convenience, comfort, or peace of mind.

The production of goods and services creates jobs and income. It also contributes to economic growth. In a healthy economy, there is a balance between the production of goods and services.

Here are some of the key differences between goods and services: