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[3] A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods.
Goods are items that are usually (but not always) tangible, such as pens or apples. Services are activities provided by other people, such as teachers or barbers . Taken together, it is the production , distribution , and consumption of goods and services which underpins all economic activity and trade .
Economists and marketers use the Search, Experience, Credence (SEC) classification of goods and services, which is based on the ease or difficulty with which consumers can evaluate or obtain information. These days most economics and marketers treat the three classes of goods as a continuum. Archetypal goods are: [1] [2] [3] [4]
Wild fish are an example of common goods. They are non-excludable, as it is impossible to prevent people from catching fish. They are, however, rivalrous, as the same fish cannot be caught more than once. Common goods (also called common-pool resources [1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they ...
They may be defined either as goods that are immediately consumed in one use or ones that have a lifespan of less than three years. Examples of nondurable goods include fast-moving consumer goods such as food, cosmetics, cleaning products, medication, clothing, packaging and fuel. While durable goods can usually be rented as well as bought ...
An example of complementary goods are cereal and milk. An example of substitute goods are tea and coffee. These two goods satisfy the three conditions: tea and coffee have similar performance characteristics (they quench a thirst), they both have similar occasions for use (in the morning) and both are usually sold in the same geographic area ...
[1] [2] [3] A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good. For example, a shop might give away its stock in its promotion, but producing these goods would still have required the use of scarce resources.
Yellow, red and orange goods are a three-part classification for consumer goods which is based on consumer buying habits, the durability of the goods, and the ways that the goods are sold. [1] The classifications are for yellow goods, red goods, and orange goods, with orange goods being goods that have a mix of yellow and red characteristics. [ 1 ]