Meaning and characteristics of goods
Meaning of goods and services:-Goods:are commodities that are tangible. They can be touched and are used to satisfy human wants. E.g. food, house, radio e.t.c.-Services:refers to human acts that are intangible. Are offered to satisfy humanwants. E.g. teaching, banking, security e.t.c.Characteristics of goods:-They are tangible.-Goods are not always perishable. Some goods are durable and can be stored for future use.-Quality can be standardized:identical units of same goods can be produced in mass with use of technology or through use of machines.-Can be separated from the owner: their possession and ownership can change through trade.-Can be stored for future use: surplus goods can be kept for use in future.