Question 18 of 35
Q.Mention the classification of Goods.
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2022Subjective· 2mImportance★★★★★
51% · 18/35 Questions
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Start your 14-day free trial to unlock the full solution →Goods are classified into free vs economic, consumer vs producer, durable vs non-durable, and private vs public goods.
In economics, goods are the material things that satisfy human wants, and they are classified in several ways:
- Free goods and Economic goods — free goods (air, sunlight) are available without price; economic goods are scarce and command a price.
- Consumer goods and Producer (capital) goods — consumer goods (food, clothing) satisfy wants directly; producer goods (machines, tools) help produce other goods.
- Durable and Non-durable (perishable) goods — durable goods (furniture, vehicles) last long; non-durable goods (vegetables, milk) are used up quickly. …
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