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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.
Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade. According to economic theory , consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of ...
In economics, a public good (also referred to as a social good or collective good) [1] is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. [1] Therefore, the good can be used simultaneously by more than one person. [2]
Philosopher Amia Srinivasan criticized William MacAskill's Doing Good Better for a perceived lack of coverage of global inequality and oppression, while noting that effective altruism is in principle open to whichever means of doing good is most effective, including political advocacy aimed at systemic change. [112]
The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods that can be exchanged. From this analysis came the concepts value in use and value in exchange.
Value theory is the systematic study of values.Also called axiology, it examines the nature, sources, and types of values.As a branch of philosophy, it has interdisciplinary applications in fields such as economics, sociology, anthropology, and psychology.
The broader the definition of a good, the easier it is for the good to have a substitute good. On the other hand, a good narrowly defined will be likely to not have a substitute good. For example, different types of cereal generally are substitutes for each other, but Rice Krispies cereal, which is a very narrowly defined good as compared to ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...