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An intangible good is claimed to be a type of good that does not have a physical nature, as opposed to a physical good (an object). Digital goods such as downloadable music , mobile apps or virtual goods used in virtual economies are proposed to be examples of intangible goods.
Intangible assets are typically expensed according to their respective life expectancy. [2] [7] Intangible assets have either an identifiable or an indefinite useful life. Intangible assets with identifiable useful lives are amortized on a straight-line basis over their economic or legal life, [10] whichever is shorter. Examples of intangible ...
Economics focuses on the study of economic goods, or 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.
For example, a restaurant provides a physical good (prepared food), but also provides services in the form of ambience, the setting and clearing of the table, etc. Although some utilities, such as electricity and communications service providers , exclusively provide services, other utilities deliver physical goods, such as water utilities .
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 ...
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).
Business can benefit from unlocking value from their intangible assets, with intellectual property and other intangibles adding at least double the value to products as tangible capital. [ 1 ] In 2003, one estimate put the economic equilibrium of intangible assets in the U.S. economy at $5 trillion, which represented over one-third or more of ...