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Friday, November 26, 2010

types of goods

Good – is anything that satisfies human wants and needs

Types of Goods

Free Goods – these are goods provided by nature. Examples of free goods are air, sunlight, rain water, etc. Economic Goods – are goods made by man. There are two types of Economic goods. First is the Consumer good that is also known as the Final goods – are goods which directly satisfy human wants. Examples of these are food, clothing, shelter, etc. second type is the producer or capital goods that are goods which will be used to produce other goods. Examples of these are machinery, tools and raw materials.

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