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Encyclopedia > Good (economics)
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A good in economics is any physical object (natural or man-made) or service that, upon consumption, increases utility, and therefore can be sold at a price in a market. If an object or service is sold for a positive price, then it is most likely a good since the purchaser considers the utility of the object or service more valuable than the money. Objects and services that are not traded on markets (such as Air or Thunder) are more difficult to determine if they are a good or not. U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau of Economic Research (USA) - Economics material from the organization... In economics, utility is a measure of the happiness or satisfaction gained from a good or service. ...


This contrasts with a bad that decreases utility. Another way to think of it is that a good is something that you want more of, and a bad is something that you want less of. For example, leisure is a good, but work is a bad from the standpoint of the worker, though the money that is paid for work is a good. A good is often thought of as only a physical product, such as in the accounting definition as an "accounting good". In economics, a good does not need to be a physical object. For example, a service such as getting a haircut would be a good as long as the recipient wanted it. The broader definition economists use is valuable in thinking of many of the decisions people make among a number of available choices. Labour (Commonwealth English) or labor (American English) can mean any one of the following things: Physical or mental work; exertion. ... Money Money is any marketable good or token used by a society as a store of value, a medium of exchange, and a unit of account. ... Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... Good (accounting) - Wikipedia /**/ @import /skins-1. ... Antonym of psychical. ... Etymology: The word object comes from the latin word objectum a noun form of objectus which in turn comes from objicere, which means to throw or put something before someone. ... In economics and marketing, a service is the non-material equivalent of a good. ...


The same object can be both a good and a bad for a single person. For example, slices of pizza can have positive utility for the first five slices consumed at one sitting, but the next slice can have zero utility, and any more slices consumed would have negative utility. Sometimes Economists make the assumption that a good has non-satiation. In this case, it is assumed that there is always positive utility for the good, no matter the quantity. If the good is available for free, then the consumption level will be such that the last consumed unit has zero utility for the consumer.


Private and public goods

One of the most common ways of looking at goods in economy, illustrated in the table below, is the classic division based on:

  • is there a competition involved in obtaining a given good
  • whether it is possible to exclude a person from consumption of a given good
Classic division of goods in economy edit Exclusion from consumption
YES NO
Competition in consumption YES
private good: food, clothing, toys, furniture, cars
common good: natural environment
NO
club good: private schools, cinemas, clubs,
public good: national security (army and police forces)

In economics Private good is an opposite of the public good. ... Jump to: navigation, search (See also List of types of clothing and Clothing terminology) Humans nearly universally wear articles of clothing (also known as dress, garments, or attire) on the body. ... Green Razor Scooter This article is about things that people play with. ... Jump to: navigation, search Furniture is the collective term for the movable objects which support the human body (seating furniture and beds), provide storage, and hold objects on horizontal surfaces above the ground. ... Jump to: navigation, search A small variety of cars, the most popular kind of automobile. ... The common good is a term that can refer to several different concepts. ... This article needs a complete rewrite for the reasons listed on the talk page. ... Club goods are a type of goods in economics, sometimes classified as a subtype of public goods, that are non-competetive and excludable. ... Private schools are schools not administered by local or national government, which retain the right to select their student body and are funded in whole or in part by charging their students tuition rather than with public funds. ... A club is an association of people not united together by any natural ties of kinship, real or supposed. ... In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. ... Security measures taken to protect the Houses of Parliament in London, England. ... Army (from French armée) can, in some countries, refer to any armed force (for example, the Peoples Liberation Army of China consists of ground force, navy and air force branches). ...

Other good types

Types of goods (edit)

collective good (social good) - private good - common good - common-pool resource - club good - public good - global public good - Accounting good In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. ... In economics Private good is an opposite of the public good. ... The common good is a term that can refer to several different concepts. ... Jump to: navigation, search The terms common-pool resource (CPR) and common property regime (CPR) (as well as common property resource) are often used interchangeably. ... Club goods are a type of goods in economics, sometimes classified as a subtype of public goods, that are non-competetive and excludable. ... In economics, a public good is a good that is hard or even impossible to produce for private profit, because the market fails to account for its large beneficial externalities. ... A global public good is a good that has the three following properties : It is non-rivalrous. ... Good (accounting) - Wikipedia /**/ @import /skins-1. ...

durable good - non-durable good - intermediate good (producer good) - final good - consumer good - capital good.
Giffen good - inferior good - normal good - luxury good - Veblen good - superior good
search good - experience good - post-experience good - merit good - credence good A complement good (or complementary good) is a good that should be consumed with another good. ... In economics, one kind of good (or service) is said to be a substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses. ... The free good is a term used in economics to describe a good that is not scarce. ... Scarcity is a central concept in economics. ... A durable good, or a hard good is an economics term for a good which does not quickly wear out, or more specifically; it yields services or utility over time rather than being completely used up when used once. ... A durable good, or a hard good is an economics term for a good which does not quickly wear out, or more specifically; it yields services or utility over time rather than being completely used up when used once. ... Intermediate goods are goods produced by one firm for use in further processing by another firm. ... In economics Final goods are goods that are ultimately consumed rather than used in the production of another good. ... Definitions of consumer goods by Ben Murray New goods acquired by households for their own consumption. ... Capital goods, in contrast to consumer goods, are goods used in the production of (physical) capital. ... A Giffen good is a product for which, among a desperately poor population, a rise in price of this product makes people buy even more of the product. ... In consumer theory, an inferior good is one for which demand decreases when income rises, unlike the more common normal goods, for which the opposite is observed. ... In economics, normal goods are any goods for which demand increases when income increases. ... A luxury good is a good at the highest end of the market in terms of quality and price. ... A commodity is a Veblen good if peoples preference for buying it increases as a direct function of its price. ... Superior goods make up a larger proportion of consumption as income rises, and as such are a type of normal goods in consumer theory. ... In economics, a search good is a product or service with easily observable features and characteristics. ... In economics, an experience good is a product or service where product characteristics such as quality or price are difficult to observe. ... In economics, an experience good is a product or service where product characteristics such as quality or price are difficult to observe in advance, but these characteristics can be ascertained upon consumption. ... A merit good is a good that is underconsumed because individuals typically consider how the good benefits them as individuals rather than the benefits that consumption generates for others in society. ... A credence good is a term used in economics for a good whose utility impact is difficult or impossible to ascertain, unlike experience goods the utility gain or loss is difficult to measure after consumption as well. ...

See also


  Results from FactBites:
 
Economic Development - HUD (131 words)
HUD wants to strengthen communities, and economic development is an important part of that effort.
Economic development is all about creating and retaining jobs in our Nation's communities.
Learn about economic development programs from HUD and other federal agencies.
20th WCP: Utility and Universality versus Utility and the General Good (2092 words)
The greatest good is not the good of the greatest number, the greatest good is the universal good.
Economics is the art, which deals with the growth of wealth; the art of the true distribution and maintenance of goods.
The philosophical answer is: the greatest good is the universal good, and the universal good is that which is not contradictory in it's application.
  More results at FactBites »

 
 

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