What are GOODS and SERVICES? Educational Fun Facts for Kids

HGW, did you know that anything that you buy is either a good or a service.
But it can be a little bit confusing so now lets find out what is a good and a service.
Goods are things people use and can touch, such as books, toys, clothing, food, and electronics.
So, the things you eat and wear are goods.
A fancy word you can call a good is a product.
Goods are referred to as tangible because they can be touched. For example a teddy bear is tangible because you can hold it.
But what is a Service?
Services are things that are done for you.
For example, when you get a haircut, you are purchasing a service, or when you go to a restaurant, the waiter is providing a service to you.
Services are things that people perform for other people; they are not tangible objects that can be touched.
A few other examples are doctors, dentists, lawyers, and babysitters.
HGW…Remember we said earlier that goods are tangible? Well, services are the opposite.
Services are called intangible. Which means you can’t touch them.
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