Search results
Results from the WOW.Com Content Network
Experience goods: those that can be accurately evaluated only after the product has been purchased and experienced. Many personal services fall into this category (e.g. restaurant, hairdresser, beauty salon, theme park, travel, holiday). Credence goods: those that are difficult or impossible to evaluate even after consumption has occurred ...
A good in economics is any object, service or right that increases utility, directly or indirectly. A good that cannot be used by consumers directly, such as an "office building" or "capital equipment", can also be referred to as a good as an indirect source of utility through resale value or as a source of income.
Considering excludability can be measured on a continuous scale, some goods would not be able to fall into one of the four common categories used. There are four types of goods based on the characteristics of rival in consumption and excludability: Public Goods, Private Goods, Common Resources, and Club Goods. [9]
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]
Product classification or product taxonomy is a type of economic taxonomy which organizes products for a variety of purposes. However, not only products can be referred to in a standardized way but also sales practices in form of the “Incoterms” and industries can be classified into categories.
As for any other normal good, an income rise will lead to a rise in demand, but the increase for a necessity good is less than proportional to the rise in income, so the proportion of expenditure on these goods falls as income rises. [2] If income elasticity of demand is lower than unity, it is a necessity good. [3]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
The top level categories of the BEC are as follows: BEC-1: Food and beverages; BEC-2: Industrial supplies not elsewhere specified; BEC-3: Fuels and lubricants; BEC-4: Capital goods (except transport equipment), and parts and accessories thereof; BEC-5: Transport equipment and parts and accessories thereof; BEC-6: Consumer goods not elsewhere ...