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Good (economics)

From Academic Kids

A good in economics is anything that increases utility. This contrasts with a bad that decreases utility. Another way to think of it is that a good is something that you want more of, and a bad is something that you want less of. For example, leisure is a good, but work is a bad from the standpoint of the worker, though the money that is paid for work is a good. A good is often thought of as only a physical product, such as in the accounting definition as an "accounting good". In economics, a good does not need to be a physical object. For example, a service such as getting a haircut would be a good as long as the recipient wanted it. The broader definition economists use is valuable in thinking of many of the decisions people make among a number of available choices.

Private and public goods

One of the most common ways of looking at goods in economy, illustrated in the table below, is the classic division based on:

  • is there a competition involved in obtaining a given good
  • whether it is possible to exclude a person from consumption of a given good
Classic division of goods in economy</font> Exclusion from consumption
YES NO
Competition in consumption YES
private good: food, clothing, toys, furniture, cars
common good: natural environment
NO
club good: private schools, cinemas, clubs,
public good: national security (army and police forces)

Other good types

There are a number of different ways of looking at the concept of goods in economics including:

See also

pl:Dobra (ekonomia) Template:Econ-stub

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