LeoGlossary: Goods (Economic)
51
leoglossary
@leoglossary
•
This post is published via LeoFinance.
1 min read
Items that are for sale (or that one owns) which satisfy human wants and provide utility. *Goods are transferrable whereas services are not.
Goods can be economic such if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it. This is contrast to "free goods" like air which is naturally abundant.
When people use the term "goods", they typically are referring to the economic variety.
We also have commodities which is a form of goods although it is in raw form. This is what goes into finished goods.
General:
Posted Using LeoFinance Beta
