Q.What are Goods? Explain their classification.

"Goods" is a foundational term used throughout Economics and needs a clear working classification.

A good, in Economics, is anything — tangible or intangible — capable of satisfying a human want. Goods are classified along three common lines: Free goods (air, sunlight, rainwater), available in unlimited supply relative to want and carrying no price, versus Economic goods (food, clothing, land), which are scarce relative to want and therefore command a price. Consumer goods (a shirt, bread) directly satisfy a want, while Producer or Capital goods (a tractor, a factory machine) are used to produce other goods. Material goods are physical and tangible (a book, a chair), while non-material goods or services are intangi …

Students often forget non-material goods (services) as a category, treating …