Gods and services

a little introduction from my main blog.

What are goods and services? Economic or scarce goods and services are items generated through economic activities in order to meet a need or a desire. They are traded in the market and their prices are determined by supply and demand. Usually to a greater supply the price of the good decreases and to a greater demand it increases. Thus the exchange of goods and services is given at a price that is mutually beneficial to both parties (seller and buyer).

Goods are produced in the primary or secondary sector. While Services, in general, are part of the economic activity of the tertiary sector.

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