A service is an economic activity that is intangible and implies an interaction between the service provider and the consumer. They are separately identifiable, and intangible activities that provide the satisfaction of wants, and are not necessarily linked to the sale of a product or another service.

A good is a physical product capable of being delivered to a purchaser and involves the transfer of ownership from the seller to the customer. They are also called commodities or items of all types, except services, involved in trade or commerce.