FACTOID # 2: Puerto Rico has roughly the same gross state product as Montana, Wyoming and North Dakota combined.
 
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Encyclopedia > Capital goods

In economics, capital goods refer to real products that are used in the production of other products but are not incorporated into the new product that is derived from the production of the older product. They are often called fixed human-made means of production. Capital goods include factories, machinery, tools, and various buildings. They are different from raw materials which are used up in the production of goods. Economics (from the Greek οίκος [oikos], house, and νομος [nomos], rule, hence household management) is a social science that studies the production, distribution, trade and consumption of goods and services. ... The means of production are physical, non-human, inputs used in production. ... material is the substance or matter from which something is or can be made, or also items needed for doing or creating something. ...


Capital goods are also different from financial capital. Capital goods are real objects owned by entities (individuals, governments, and other organizations) in order to get a positive return of some sort from production. Financial capital refers to pieces of paper (or other kinds of promises) that represent claims on these types of goods and on other sources of promised future income. Financial capital, or economic capital, is any liquid medium or mechanism that represents wealth, or other styles of capital. ...


External links

  • Ludwig von Mises on the role of factors of production

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Good (economics) - Wikipedia, the free encyclopedia (447 words)
Some things are goods at low consumption levels and bads at higher consumption levels: for instance one slice of pizza is anjoyed in a meal but the 25th slice would be unpleasant.
Labour represents a good to an employer, and a 'bad' to the worker, because the worker would prefer to spend the time at leisure (labor is a pure substitute for leisure time).
A public good is a good which, when consumed by one person, is also consumed by one or more others, producing an externality.
Encyclopedia: Capital good (330 words)
Capital goods, in contrast to consumer goods, are goods used in the production of (physical) capital.
Many goods could be categorized as capital goods, or as consumer goods according to usage; for example cars and personal computers.
Capital goods are intermediary stations on the way leading from the very beginning of production to its final goal, the turning out of consumers' goods.
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