Goods And Services

Business, Legal & Accounting Glossary

Definition: Goods And Services




Full Definition of Goods And Services


Goods and services is a general term used to describe outputs of businesses. It is often used as a descriptor when making broad references to economic outputs of products. See operations for a micro-level description of how inputs are converted into outputs.

The term is used to describe a combination of both physical products (goods) and less-tangible, often knowledge-based skills performed by a specialist or professional (services).

Goods and services are both products. A product can be a good or a service.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/goods-and-services/
Modern Language Association (MLA):
Goods And Services. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 22, 2021 https://payrollheaven.com/define/goods-and-services/.
Chicago Manual of Style (CMS):
Goods And Services. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/goods-and-services/ (accessed: September 22, 2021).
American Psychological Association (APA):
Goods And Services. PayrollHeaven.com. Retrieved September 22, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/goods-and-services/

Definition Sources


Definitions for Goods And Services are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th March, 2020 | 5 Views.