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Essay differentiating goods and services

Number of Words : 1199

Number of References : 10

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There are some differences between goods and service. Service is a type of activity or a set of multiple activities of indefinable nature. Service is a kind of goods which is meant for economical purposes and it is not any kind of material production or manufacturing an end product. Service is a process where an individual provides performance based on specific time for covering the demand of people. Services are often reported and recorded as part of gross domestic product. The economy of services is based on market prices. Economy is divided into three parts in three sector hypothesis (Dattakumar, 2003). The first sector is commodity production, second sector is manufacturing industry and third sector is services. The difference between product and service can be considered from the benefit of these two. It is not possible to store any service and it is rarely transmissible. An external factor is required by service. Broadway InfoTech has been taken as the example of service organization in this paper. <br />

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