Define Goods in National Income class 12 CBSE Board

Ask Your doubt on Whatsapp

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’.

Share your love
Default image
Anurag Pathak
Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.
Articles: 675

Leave a Reply

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh

error: Content is protected !!