In economics, the term "goods and services" refers to the two broad categories of economic output. These categories encompass the tangible and intangible products that are produced and traded in an economy. Here's a brief overview:

1. Goods:

   • Definition: Goods are physical, tangible items that can be seen and touched. They are typically classified into two types: durable goods and non-durable goods.

   • Examples: Cars, computers, clothing, and food are all examples of goods.

2. Services:

   • Definition: Services are intangible products that are consumed at the time of their production. They are activities or performances provided by one party to another.

   • Examples: Services include things like healthcare, education, transportation, and financial services.

Understanding the distinction between goods and services is crucial in economic analysis. Economies often rely on a combination of both to function effectively. The study of goods and services falls within the broader field of microeconomics, which focuses on the behavior of individual markets and firms.

In terms of economic indicators, the production and consumption of goods and services are often used to gauge the health and performance of an economy. Gross Domestic Product (GDP) is a key measure that quantifies the total value of all goods and services produced within a country's borders over a specific period.