Difference between goods and services

Difference between goods and services

Basis of difference	Goods	Services
1.       Existence	Goods have their specific physical existence. They have definite shape, size, form, design and volume.	Services do not have a physical layout. They do not have any shape, size, form, design, and volume.
2.       Mobility	Goods can be easily transferable from a place or a person to another.	Services cannot be transferable from a place or a person to another.
3.        Visibility	Goods are visible as they have a definite structure.	Services aren’t visible due to a lack of structure.
4.        Time lag	There is a time lag between the production and consumption of goods.	There is no time lag between the production and consumption of services.
5.        Storability	Goods are storable and can be consumed in the future.	Services are not storable and must be consumed as soon as they are delivered.
6.        Example	Books, pen, buildings, land, etc.	Teaching, Advocacy, Medical services, etc.