What Exactly Are Goods And Services?

Goods are basically products that are tangible in nature. They have a specific form and their quality is consistent. They can be stored and used later on. Goods have specific distribution channels from which they can be sold from the manufacturer to the consumers. Examples include, toothpaste, Air Conditioners etc.

On the other hand, Services are products that are intangible in nature. They are more related to the experience of human beings. Each service is unique in nature. And largely depends on the person who is delivering the service. A service can not be stored and used at a later point in time. It is mostly done by people for people. It is produced and consumed at a time. Examples include, a haircut, an educational lecture, air travel, consultancy,  etc.