Difference between revisions of "Goods"
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<small>''Good redirects here. For the general concept of good, see [[Good and evil]].''</small> | <small>''Good redirects here. For the general concept of good, see [[Good and evil]].''</small> | ||
| − | In [[economics]], a '''good''' is anything for which people will pay | + | In [[economics]], a '''good''' is anything for which people will pay. The [[value]] of a good varies according to its [[utility]] and its scarcity at a particular time and at a particular price. Not all goods can be traded (or even obtained). Goods which are tangible items capable of being sold are termed [[commodity|commodities]], and those which are intangible (but still capable of being sold) are termed [[services]]. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 20:06, January 24, 2017
Good redirects here. For the general concept of good, see Good and evil.
In economics, a good is anything for which people will pay. The value of a good varies according to its utility and its scarcity at a particular time and at a particular price. Not all goods can be traded (or even obtained). Goods which are tangible items capable of being sold are termed commodities, and those which are intangible (but still capable of being sold) are termed services.