VIII) On the basis of satisfaction of wants – Necessaries comforts luxuries. CLASSIFICATION OF WANTS – Human wants foe different goods can be classified on the basis of urgency, satisfaction received or availability of substitutes into necessaries, comforts and luxuries.…
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BASIC CONCEPTS – GOODS – VIII
Tagged with: Comforts, goods, Luxuries, Necessaries, satisfaction, types of goods
Posted in General Economics
Posted in General Economics
BASIC CONCEPTS – GOODS – VII
VII) On the basis of durability – Perishable goods, Durable goods and Imperishable goods. Imperishable goods such as estates render satisfaction to their owners and their successive generations. Perishable goods/non durable goods Perishable goods are defined as goods that are…
Tagged with: durability, durable goods, goods, imperishable goods, perishable goods, types of goods
Posted in General Economics
Posted in General Economics
BASIC CONCEPTS – GOODS – VI
VI) On the basis of ownership Private goods and Public goods. Private goods Goods which are privately owned and consumed by people. Private goods satisfy private wants through voluntary exchange. Private goods have to be paid for. Private goods are…
BASIC CONCEPTS – GOODS – V
IV) On the basis of mobility – Transferable and non transferable. Most of the material goods are transferable. Here transferable means change in ownership eg land, vehicle etc. Non transferable goods refer to personal qualities like skill, intelligence etc which…
Tagged with: goods, impersonal goods, non-transferable goods, personal goods, transferable goods
Posted in General Economics
Posted in General Economics
BASIC CONCEPTS – GOODS – IV
III) On the basis of form – Tangible goods and intangible goods [Material goods / Non Material goods/goods and services/ transferable and non transferable goods]. Tangible goods Tangible means capable of being touched. Therefore tangible/physical goods are defined by their…
BASIC CONCEPTS – GOODS – III
II] Classification of goods on the basis of use. On the basis of use goods are classified as Consumer goods and producer goods. Consumer goods Consumer goods are goods of the first order. Products that are purchased (demanded)for consumption by…
Tagged with: capital goods, consumer goods, goods, producer goods, types of goods
Posted in General Economics
Posted in General Economics
BASIC CONCEPTS – GOODS – II
I] Classification of goods on the basis of price paid On the basis of price paid goods are classified as Free goods and economic goods. Free goods Free goods are goods which are given to us by nature and therefore…
Tagged with: Basic concepts, economic goods, free goods, goods, types of goods
Posted in General Economics
Posted in General Economics
BASIC CONCEPTS – GOODS – I
GOODS: According to Dr. Alfred Marshall, “All those things which satisfy human wants are goods.” The term good does not imply an ethical or legal meaning. The term goods is inclusive of services. KIND OF GOODS / CLASSIFICATION OF GOODS.…