Classes of goods and services

Classes of goods and services are categories used to organize and classify different types of products and offerings for purposes like taxation and trade. Goods are physical items like clothing, appliances, or food, while services are activities provided by people or businesses, such as cleaning, consulting, or transportation. These classifications help government and businesses understand and manage different products, ensuring proper taxation and regulation. In essence, they separate tangible items from intangible activities, making it easier to categorize and analyze economic data efficiently.