Business, Legal & Accounting Glossary
In economics, a good is a material that satisfies human wants 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. Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products.
Although in economic theory, all goods are considered tangible, in reality, certain classes of goods, such as information, only are in 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.
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This glossary post was last updated: 9th April, 2020 | 2 Views.