Goods and Services

Economics is concerned with the production and distribution of goods and services. Goods would be defined as anything that anyone wants or needs. Services would be the performance of any duties or work for another; helpful or professional activity.

The distribution of goods and services is referred to as marketing. The marketing of goods and services can add almost as much to the cost as the actual manufacturing of the goods. Marketing a product refers to the advertising, and other efforts to promote a products sale.

There are many different kinds of goods. Consumer goods are those such as food and clothing, that satisfy human wants or needs. Producer goods are those such as raw materials and tools, used to make consumer goods. Capital goods are those such machinery, used in the production of commodities or producer goods.

Services are provided for you by other people. You pay for services. There are untold numbers of services. A short list would include education, health, communication, transportation, social services.

GOODSSERVICES