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Various types of goods -Economics -21-06-2024

VARIOUS TYPES OF GOODS IN REFERENCE TO ECONOMICS 


In general goods are refer to those tangeable items and these goods can be classified in various categories 

In terms of ownership goods can be classified into different types they are 

Public goods :

It refers to those good which are characterized by no rivalry and no exclusion ie There is no competition regarding them and they're available for all. 

Ex public goods, parks, rivers, forest etc 

Private goods 

It refers to those goods which are characterized by both rivalry and exclusion 

Club goods 

It refers to those goods which are characterized by elements of exclusion that means accessible to few but within the members no element of rivalry 

For example : Various facilities of real estate 

There is another classification of goods is possible interms of final goods & their consumption. Final goods refers to anything which is not having any further value addition in its process of production 

These final goods are of following types 

1.Capital goods :

It refers to all those goods which increases, the chance of income, Theoretically capital refers to anything which increases the chances of income to someone 

For example machinery etc 

In any economy if the demand of capital goods are more it signifies the progressive nature of someone 

Consumer goods 

It refers to those things that consumed for selfuse can be divided into two 

Consumer durables :

It refers to those items which are having an average life of more than three years ex car, fridge 

Consumer Non Durables:

It refers to all those consumer goods which have average life of less than 3 years. They also called as fast moving consumer goods 

Intermediate goods : 

It refers to those goods which are used in the process of production eg :truck tire 

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