Good (in Economics)

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:

• Club Goods
• Common Goods
• Given goods
• Inferior goods
• Luxury goods
• Necessary goods
• Normal goods
• Ordinary goods
• Private Goods
• Public Goods