Question 14 of 35
Q.What are goods ? Name the kinds of goods.
Tamil Nadu DgeTamil Nadu HSC First Year (DGE) Commerce Board 2020Subjective· 2mImportance★★★★★
40% · 14/35 Questions
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Start your 14-day free trial to unlock the full solution →Goods are useful, want-satisfying material things that can be exchanged; the main kinds are free goods, economic goods, consumer goods and producer (capital) goods.
Meaning of goods:
In economics, goods are all material things that have utility (want-satisfying power), can satisfy human wants and are capable of being exchanged for a price. Anything that a person desires and that can be seen or touched is a good.
Kinds of goods:
- Free goods - goods available in unlimited quantity from nature, having no price, e.g. air, sunlight.
- Economic goods - goods that are scarce and command a price, e.g. food, clothing.
- Consumer goods - goods used directly to satisfy wants, e.g. bread, furniture.
- Producer goods (capital goods) - goods used to produce other goods, e.g. machines, tools. …
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