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In economics, goods are items that satisfy human wants [1] and provide utility, for example, to a consumer making a purchase of a satisfying product. [2] Economics focuses on the study of economic goods, or goods that are scarce; in other words, producing the good requires expending effort or resources.
Goods can be returned while a service, once delivered cannot. [4] Goods are not always tangible and may be virtual e.g. a book may be paper or electronic. Marketing theory makes use of the service-goods continuum as an important concept [5] which "enables marketers to see the relative goods/services composition of total products". [6]
Sulfur at harbor in North Vancouver, British Columbia, ready to be loaded onto a ship Latex being collected from a tapped rubber tree. A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products.
The value added through the transformation of raw materials into finished goods reliably generates greater profitability, which underlies the faster growth of developed economies. 20 largest Countries by Industrial Output (in PPP terms) according to the IMF and CIA World Factbook , at peak level as of 2020 [ citation needed ]
These priced goods are also treated as commodities, e.g. human labour-power, works of art and natural resources ("earth itself is an instrument of labour"), [25] even though they may not be produced specifically for the market, or be non-reproducible goods.
For example, the retail trade sector contains industries such as clothing stores, shoe stores, and health and personal care stores. Companies are not limited to one sector or industry. They can reside in multiple sectors and industries. Industries, though associated with specific products, processes, and consumer markets, can
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation.It is the essence of the secondary sector of the economy.