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What is Good (in Economics)
The term good denotes one of the fundamental concepts of economic theory. It refers to the objects (products, services) whose consumption or other use brings utility to their users.

The term good denotes one of the fundamental concepts of economic theory. It refers to all objects (products, services) whose consumption or other use brings utility to their users.

Goods in practice: A good is always a specific object (goods, service, a natural resource) at a specific market. This means that, e.g., water which is a free good in nature, becomes an economic good in a restaurant or in a storestore.

Economic theory distinguishes the following types of goods:

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Last update: 19.04.2016

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Ryan man 3 months

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