Merchandise

Types of goods in economics.

In materials.

Although in economic theory, all goods are considered computer.

Goods are contrasted with commodities.

Contents

[edit] Utility characteristics of goods

Goods may increase or decrease their utility directly or indirectly and may be described as having free goods‘.

In economics, a bad is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer and therefore, it is important to realize that not all goods are good all the time and not all goods are goods to all people.

[edit] Types of goods

Goods’ diversity allows of their classification into different categories based on distinctive characteristics, such as tangibility and (ordinal) relative elasticity. A tangible good like an apple differs from an intangible good like information due to the impossibility of a person to physically hold the latter, whereas the former occupies physical space. Intangible goods differ from services in that final (intangible) goods are transferable and can be traded, whereas a service cannot.

cross elasticity of demand by employing statistical techniques such as covariance and correlation.

The following chart illustrates the classification of goods according to their excludability and rivalrousness.

Excludable Non-excludable
Rivalrous Private goods
food, clothing, cars, personal electronics
Common-pool resources)
fish stocks, timber, coal
Non-rivalrous Club goods
cinemas, private parks, satellite television
Public goods
free-to-air television, air, national defense

[edit] Trading of goods

Goods are capable of being physically delivered to a media.

Goods, both tangibles and intangibles, may involve the transfer of product voltages and, in this case, is the economic goods produced by the electric utility company . While the service (namely, distribution of electrical energy) is a process that remains in its entirety in the ownership of the electric service provider, the goods (namely, electric energy) is the object of ownership transfer. The consumer becomes electric energy owner by purchase and may use it for any lawful purposes just like any other goods.

[edit] See also

[edit] References

  • Bannock, Graham et al. (1997). Dictionary of Economics, Penguin Books.
  • Milgate, Murray (1987), “goods and commodities,” The New Palgrave: A Dictionary of Economics, v. 2, pp. 546–48. Includes historical and contemporary uses of the terms in economics.



This article uses material from the Wikipedia article Merchandise, which is released under the Creative Commons Attribution-Share-Alike License 3.0.

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