What is the difference between goods and services?

Difference between goods and services.

1. Goods is a physical commodity and service is a process or activity.

2. Goods are tangible and services are intangible.

3. Goods are homegenous and services are heterogeneous.

4. Goods can be stored and services cannot be stored.

5. Transfer of ownership is possible in goods and transfer of ownership is not possible in services.

6. In goods Production and distribution are separated from their consumption and in services production distribution and consumption are simultaneous process.