1.2 Goods and Services

• Goods - Physical products that can be purchased.
• Service - Intangible items that can be purchased.
• Consumer Goods: Goods produced for customers.
• Producer Goods - Goods produced for other businesses.
• Durable Goods: Goods with a lifespan of more than 3 years. Often aren't used immediately.
• Non-Durable Goods - Goods with lifespans of less than three years. Often immediately consumed.