What is the difference between goods and services?

What is the difference between goods and services?

Goods are tangible products which can be seen and touched and can be stored as well. Eg.mobile handsets, television, books. On the other hand, services are intangible products which are produced and consumed at the same time and cannot be stored as such. Eg. Insurance, transportation, banking etc. Goods maybe perishable or non perishable while services are only perishable. Goods are homogeneous - their make is similar eg.a particular model say E71 Nokia handset will have exactly the same built and features and appearance as all other E71 Nokia hansets. Services however are heterogenous as they may differ according to different organisations- the kind of systems followed by them in delivering such services to their customers.