Anything which satisfies a human requirement can be considered as “good” in economics, in economics, the word “goods” refer to material and non-material stuff. Just as an apple or a chair is an excellent, music or the services of actors, musicians and teachers are few illustrations of goods.

Goods can be categorized into free goods and economic goods. Goods similar to air and sunlight that are the gifts of nature are free goods. They are not scarce. Therefore they do not command a price in the market. They are termed as free goods. Economic goods command the price in market. In another words, they contain value-in-exchange. For, they are scarce in association to demand. In this connection, we have to keep in mind that what is a free good in one place can become an economic good in the other place. It all based on the supply of goods and demand for it. For illustration, in some villages firewood is a free good. However in a town where we have to pay a cost for it, it becomes an economic good. Likewise, water that is a free good becomes an economic good whenever there is scarcity of water.

Goods might be further classified into:

(1) Consumers goods and
(2) Producers goods.

Consumer’s goods satisfy our requirements directly. They can be categorized into:

(1) Perishable goods (example, vegetables, fish & music) and
(2) Durable goods (example, a house, a car, & a radio).

Capital goods satisfy our requirements indirectly. Machines which are employed to make machines are termed as capital goods. For illustration, car is a sort of machine. It is a consumers’ good. However there should be some other machine to make a car. That machine is termed as capital good or producer good. However what is a consumers’ good in one place can become a producers’ good in the other place. For illustration, whenever electricity is employed for lighting purposes at home, it is a consumers’ good. However similar electricity whenever employed in factories for industrial functions, it becomes a producers’ good.


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