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A place where goods are stored?

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How long does non durable goods last?

'Durable goods' are tangible products that can be stored or inventoried and that have an average life of at least three years. Durable goods are products that aren't consumed or quickly disposed of, and can be used for several years.


What is the difference between economic goods and sevices?

Economic goods are tangible products that can be touched and owned, such as cars, clothing, or food. In contrast, services are intangible activities or benefits provided to consumers, like healthcare, education, or entertainment, which cannot be physically possessed. While goods can be stored and sold, services are often consumed at the point of delivery and cannot be stored. Both goods and services are essential in fulfilling consumer needs and wants within an economy.


What is the definition of a pure goods?

Pure goods are products that are tangible and do not involve any services or intangible elements. They are physical items that can be seen, touched, and stored, such as food, clothing, and electronics. Unlike hybrid goods, which combine both goods and services, pure goods focus solely on the physical attributes and benefits of the item itself.


What are the main characteristics which distinguish service from goods production?

The main characteristics that distinguish service from goods production include intangibility, inseparability, variability, and perishability. Services are intangible, meaning they cannot be touched or owned, while goods are physical items. Inseparability refers to the simultaneous production and consumption of services, which often requires customer participation, whereas goods can be produced, stored, and consumed later. Additionally, services tend to be more variable in quality due to human involvement, and they are perishable, meaning they cannot be stored or inventoried like goods.