Q:

What are some examples of economic goods?

A:

An economic good is a physical object or service that has value and can be sold; some examples include bananas, toys, haircuts and cars. Sometimes a distinction is made between tangible products, simply called goods, and intangible services.

The word "commodity" can also refer to a tangible good, but it generally means a raw material or primary product. In order for it to be considered a good, the object or service must be able to be sold at a prize above zero. Goods satisfy wants and provide utility to the consumer. Certain types of goods are considered tangible in economic theory but are not so in common speech; an example is information.


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