Business, Legal & Accounting Glossary
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.
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This glossary post was last updated: 28th March, 2020 | 5 Views.