TYPES OF GOODS

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Types of goods

• Made by Niraj kumar mishra

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Goods

• In economics, goods are items that add some kind
  of benefit to the lives of the people who consume
  them.
• Most companies make and sell goods, whether
  theyre physical products or services that
  consumers can regularly use.

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Types of goods

• Final good
• Public good
• Private good
• Intermediate good
• Durable goods

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Final good

• A final good or consumer good is a final product
  ready for sale that is used by the consumer to
  satisfy current wants or needs, unlike a
  intermediate good, which is used to produce other
  goods
• A microwave oven or a bicycle is a final good,
  but the parts purchased to manufacture it are
  intermediate goods.

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Public good

• In economics, a public good refers to a commodity
  or service that is made available to all members
  of a society.
• Examples of public goods include law enforcement,
  national defense,Public park, police,and the rule
  of law.

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Private good

• Private goods are those whose ownership is
  restricted to the group or individual that
  purchased the good for their own consumption
• A private good is not shared with anybody else,
  but can be sold along with transferring rights to
  use or consume it.

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Intermediate good

• An intermediate good is a product used to produce
  a final good or finished productalso referred to
  as a consumer good
• Intermediate goodslike saltcan also be finished
  products, since it is consumed directly by
  consumers and used by producers to manufacture
  other food products.

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Durable goods

• .Durable goods are generally defined as those
  whose expected lifetime is greater than three
  years, and spending on durable goods is much more
  volatile than spending in the other two
  categories. Services include a broad range of
  items including telephone and utility service,
  legal and

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