Okuzeka
Economics vocabulary · Core Concepts

Goods and services

Meaning in economics, with examples

nounCore term

In economics, goods and services means: Everything an economy produces and sells: goods are physical things such as food and cars, and services are activities such as banking, teaching or haircuts.

In Turkish: mal ve hizmetler

How it is used

A fixed phrase in textbooks, statistics and news: GDP measures the value of all final goods and services; exports of goods and services; prices of goods and services. Goods is always plural in this sense, and the order is almost never reversed.

Example sentences

  1. GDP is the total value of goods and services produced in a country in a year.

  2. Exports of goods and services rose by 8% in the first half of the year.

Common collocations

  • final goods and services
  • exports of goods and services
  • prices of goods and services
  • produce goods and services
  • GDPShort for gross domestic product: the total value of all final goods and services produced within a country in a given period, usually a quarter or a year.
  • consumptionThe spending of households on goods and services such as food, clothes, rent and transport; it is usually the largest part of a country's GDP.
  • outputThe amount of goods and services produced by a firm, an industry or a whole economy in a given period.
  • basket of goodsA fixed list of goods and services that a typical household buys, used by statistics offices to measure how prices change over time.

More terms: Core Concepts

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This page explains English vocabulary for learners. It is not financial advice.