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An intangible good is a good that does not have a physical nature, as opposed to a physical good (an object). [1] Digital goods such as downloadable music , mobile apps or virtual goods used in virtual economies are proposed to be examples of intangible 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.
Intangible property is used in distinction to tangible property. It is useful to note that there are two forms of intangible property: legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but cannot be owned, extinguished, or transferred).
Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.
Intangibility refers to the lack of palpable or tactile property making it difficult to assess service quality. [1] [2] [3] According to Zeithaml et al. (1985, p. 33), “Because services are performances, rather than objects, they cannot be seen, felt, tasted, or touched in the same manner in which goods can be sensed.” [4] As a result, intangibility has historically been seen as the most ...
Goodwill is a special type of intangible asset that represents that portion of the entire business value that cannot be attributed to other income producing business assets, tangible or intangible. [3] For example, a privately held software company may have net assets (consisting primarily of miscellaneous equipment and/or property, and ...
International trade in services is defined by the Four Modes of Supply of the General Agreement on Trade in Services (GATS). (Mode 1) Cross-Border Trade – which is defined as delivery of a service from the territory of one country into the territory of other country, e.g. remotely providing accounting services in one country for a company based in another country, or an airline flying ...
An experience good is a product or service where product characteristics, such as quality or price, are difficult to observe in advance, but these characteristics can be ascertained upon consumption. The concept is originally due to Philip Nelson , who contrasted an experience good with a search good .