Goods and services are essential components of an economy, meeting the needs and wants of individuals and supporting overall societal welfare.
Goods and services play a crucial role in an economy as they are the products and assistance provided to fulfill people's needs and desires. Goods are tangible items like clothing and food, while services are actions that satisfy needs, such as healthcare or education. The consumption of goods and services drives economic activity, benefiting both individuals and the society as a whole.
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