Distinguish between a good and a service.

Distinction should include the following concepts:

• Goods are tangible (physical) products that people buy to satisfy their wants and/or needs.
• Services are activities or actions (intangible) that people buy to satisfy their wants and/or needs. 

Process/Skill Questions:

• What is the difference between a durable and nondurable good?
• What are examples of goods? What are examples of services? What are some local businesses that offer both?
• Why do people buy goods and services?