what is goods

The term Goods is the plural of the word good; they refer to anything, tangible or intangible, that is useful to man and satisfies, directly or indirectly, some individual or collective desire or need, or that contributes to the well-being of individuals.

From an economic point of view, we would be talking about goods as immaterial and material objects capable of having a value. And, legally, they are all those who deserve protection by law or legal system (life, health, family, property, etc.), susceptible of private appropriation.

There are different types of goods, which we can differentiate by criteria: according to their character or scarcity; there are free products (can be used at no cost, for example: air). And economic goods (they can be transformed through human effort and labor). The latter are the object of study of Economics, and can be classified into complementary, substitute and autonomous goods.

By their nature, there are capital goods (they are used for the production of third parties, they do not satisfy the needs of the final consumer, for example: buildings, machines) and consumer goods (they satisfy the needs of the final consumer that are in good condition to be used or consumed without any further elaboration); They can be durable (long term) or non-durable (short term) goods.

We also have, depending on their function, intermediate goods (requiring subsequent processes before being sold to the consumer, for example: oil). And final goods (have the necessary degree of finishing to deliver them to consumers, for example: cell phone, car) Finally, they are based on use or possession, which distinguish between private (companies) and public (government) goods .

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