What are goods in economics?

In economic terms, goods are items that add some kind of benefit to the lives of the people who consume them. Many companies make and sell goods, whether they're physical products or services that consumers can regularly use. Learning about the different types of goods can help you identify how they impact the economy and your own life.

What are consumer goods in economics?

Consumer good, in economics, any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer. Consumer goods are divided into three categories: durable goods, nondurable goods, and services. Learn more about consumer goods in this article.

What are examples of economic goods?

This includes all value created by economic systems including intangible value such as knowledge and services. The following are common examples of economic goods. A good that is owned by an individual or family such that others are excluded from using it without permission. For example, a bed in a home. Goods that are free for all to use.