Which term describes products that cannot be touched or possessed?

The term that describes products that cannot be touched or possessed is services. Services are intangible offerings that typically involve a deed, a performance, or an effort that cannot be physically possessed. For example, when you receive a haircut, attend a concert, or get a massage, you are benefiting from a service—these actions provide value without the transfer of physical goods.

In contrast, goods refer to tangible products that can be touched and owned, such as clothing or electronics. Assets are resources owned by a business that have value, but they can include both tangible goods (like machinery) and intangible assets (like patents). Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, like oil or wheat, and they also involve tangible items. Therefore, services uniquely represent intangible offerings, making this the correct term to describe products that cannot be physically possessed.