Define a good and a service. What is the difference between a durable and nondurable good? Give an ...

A good is a physical product one can see, touch or possibly consume. A service is any primary or complementary activity that does not directly produce a physical product. Services represent the non-goods part of a transaction between a buyer (customer) and a seller (supplier).

A durable good is one that does not quickly wear out and typically lasts at least three years. Vehicles, dishwashers and furniture are some examples. A nondurable good is one that is no longer useful once it's used, or lasts for less than three years. Examples are toothpaste, software, clothing and shoes, and food.

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