In
economics, products can be classified into
goods and services.
Goods are items that are
tangible, such as books, pens, salt, shoes, hats and folders.
Services are intangibles provided by other people, such as doctors, lawn care workers, dentists, barbers and waiters. According to economic theory,
consumption of goods and services is assumed to provide
utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services.