In economics , a good is a tangible or intangible object that has economic value and is produced to satisfy a specific need or desire. For example:a car, a ring, a house.
Goods are present in the economic market and can be acquired by members of a society. They can be exchanged for money (buying or selling) or for other goods (exchange or barter). Goods are scarce and limited. The value of a good can vary over time.
It may be useful to you: Goods and services
Types of goods
There are different criteria for classifying goods: according to their nature, their relationship to other goods, their function, their manufacturing process, and their durability. These classifications are not mutually exclusive. The same good can be classified differently depending on the aspect or characteristic taken into account.
- See also: Types of goods
According to its nature:
- Movable property.This refers to property that can be moved from one place to another. For example:a book, a refrigerator.
- Real estate.This is property that cannot be moved from one place to another. For example:a building, a stadium.
According to its relationship with other assets:
- Complementary goods.These are goods that are used alongside other goods. For example: a pot and a plant.
- Substitute goods.These are goods that can be substituted by others because they perform a similar function or satisfy a similar need. For example:sugar and honey to sweeten a dessert.
According to their function:
- Consumer goods.These are goods that are consumed. They are usually the final products of the production chain. For example:a package of rice, a television.
- Capital goods.These are assets from the production process that are used to produce consumer goods. For example: a combine harvester, a machine in a factory.
According to its production process:
- Intermediate goodsor raw materials. These are goods used to obtain other goods. For example:flour, wood.
- Final goods.These are goods that are manufactured from other goods and consumed or used by the population. For example:a pen, a house.
According to their durability:
- Durable goods.These are goods that can be used over an extended period of time. For example: an appliance, a jewel.
- Non-durable goods.These are goods that are consumed or used within a short period of time. For example: a soda, a notebook.
According to its ownership:
- Free goods.These are goods considered the heritage of all humanity. For example: a river, the water.
- Private property.This property is acquired by one or more people, and only they may use it. For example:a house, a car.
Examples of goods
- Automobile
- Home
- Motorcycle
- Computer
- Cellular phone
- TV
- Briefcase
- Pendant
- Yogurt
- Lake
- Thermos
- Water
- Oil
- Gas
- Jacket
- Sunshine
- Shoes
- Sand
- Lathe
- Truck
- Sewing machine
- Office
- Bicycle
- Drill
- Wood
