Define Goods in National Income class 12 CBSE Board

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Understanding the concepts of Goods in economics is a must in estimating national income. According to Economics Goods is not only a physical product. It also includes any kind of service that commands a price in the market.

Let’s have a look at the definition of Goods

Define Goods

Good is defined as any object, natural or man-made, or service rendered, that could command a price in the market.

Two Characteristics

  1. good include both physical product and services
  2. it command a price in the market

Note:- The good which commands a price in the market is also called an ‘economic good’.

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