Goods are any tangible thing which satisfies human wants. On the other hand, services are any activity which satisfies human wants. Goods include both Free Goods and Economic Goods.
Ø They are made by man
Ø They are scarce
Ø They are paid for by consumers
Ø Examples include; motor cars, pens, books etc
Economic goods are further divided into two. They are consumer goods and producer (capital) goods.