Final answer:
The statement that goods are tangible while services are intangible is true. Goods include physical items like clothing and food, while services such as education and healthcare provide intangible value.
Step-by-step explanation:
Goods are indeed considered tangible, as they are physical items that have been produced and can be touched, like cell phones, clothing, or food. On the other hand, services are intangible; they are products such as healthcare, education, or entertainment that you cannot physically touch but provide value and benefit, leading consumers to pay for them. Therefore, the statement that goods are tangible while services are intangible is true.
Consumers engage with both goods and services to satisfy their wants and needs. When talking about economic products, we often refer to durable goods like cars and refrigerators that have a long life span, and nondurable goods such as food and clothing, which have a short life span and are consumed quickly. Services encompass a wide range of offerings from haircuts to internet services, differing from goods by their intangible nature.