Question

What are four characteristics that differentiate services from goods?

Answer 1

Four characteristics that differentiate services from goods are as follows:

1. Intangibility: Services are intangible and do not have a physical existence, whereas goods are tangible and can be seen and touched.
2. Perishability: Services are perishable and cannot be stored for future use, unlike goods which can be stored.
3. Simultaneous Production and Consumption: Services are produced and consumed at the same time, whereas goods are produced first and consumed later.
4. Inseparability: Services cannot be separated from their providers, while goods are separable from their producers.