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Everyone must have, at some time or the other experienced the effect of business activities on their lives. Let us view a few examples of business activity i.e., buying ice cream from a shop and eating ice cream in a restaurant, watching a movie in a cinema theatre or purchasing a video cassette/CD, purchasing a school bus and leasing it from a transport provider. If you examine and analyze these activities, you will realize the difference between purchasing and eating, purchasing and watching and purchasing and leasing. The common point in all of them is that one is buying an item and the other is experiencing a service. But there is still a difference between the item or good and the service done. For a layman, these services are intangibles. When they buy, it does not result in the ownership of anything physical. For example, you can only seek advice the doctor's advice, but you cannot purchase him. Services are all those economic activities that are hard to describe and imply an interaction to be realized between the service provider and the customer. Services are those separately recognizable, essentially hard to define activities, that provides satisfaction of wants, and are not necessarily linked to the sale of an item or any other service. An item is a physical product capable of being delivered to a customer and involves the transfer of ownership from vendor to customer. Goods are generally used to refer to commodities or items, except services, involved in trade and commerce.

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