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Types of goods in economics.

In economics, a good is a material that satisfies human wants<ref>Quotation from Murray Milgate, [1987] 2008, "goods and commodities, " The New Palgrave Dictionary of Economics, 2nd ed., preview link, in referencing an influential parallel definition of 'goods' by Alfred Marshall, 1891. Principles of Economics, 2nd ed., Macmillan.</ref> and provides utility, for example, to a consumer making a purchase. A common distinction is made between 'goods' that are tangible property (also called goods) and services, which are non-physical.<ref>Alan V. Deardorff, 2006. Terms Of Trade: Glossary of International Economics, World Scientific. Online version: Deardorffs' Glossary of International Economics, "good" and "service".</ref> Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products.<ref>Alan V. Deardorff, 2006, Deardorffs' Glossary of International Economics "commodity".</ref>

Although in economic theory all goods are considered tangible, in reality certain classes of goods, such as information, only take intangible forms. For example, among other goods an apple is a tangible object, while news belongs to an intangible class of goods and can be perceived only by means of an instrument such as print, broadcast or computer.


Good (economics) sections
Intro   Utility characteristics of goods    Types of goods    Trading of goods    See also   Notes   References   

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Types of goods in economics.

In economics, a good is a material that satisfies human wants<ref>Quotation from Murray Milgate, [1987] 2008, "goods and commodities, " The New Palgrave Dictionary of Economics, 2nd ed., preview link, in referencing an influential parallel definition of 'goods' by Alfred Marshall, 1891. Principles of Economics, 2nd ed., Macmillan.</ref> and provides utility, for example, to a consumer making a purchase. A common distinction is made between 'goods' that are tangible property (also called goods) and services, which are non-physical.<ref>Alan V. Deardorff, 2006. Terms Of Trade: Glossary of International Economics, World Scientific. Online version: Deardorffs' Glossary of International Economics, "good" and "service".</ref> Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products.<ref>Alan V. Deardorff, 2006, Deardorffs' Glossary of International Economics "commodity".</ref>

Although in economic theory all goods are considered tangible, in reality certain classes of goods, such as information, only take intangible forms. For example, among other goods an apple is a tangible object, while news belongs to an intangible class of goods and can be perceived only by means of an instrument such as print, broadcast or computer.


Good (economics) sections
Intro   Utility characteristics of goods    Types of goods    Trading of goods    See also   Notes   References   

PREVIOUS: IntroNEXT: Utility characteristics of goods
<<>>