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
Good is defined as any object, natural or man-made, or service rendered, that could command a price in the market.
- good include both physical product and services
- it command a price in the market
Note:- The good which commands a price in the market is also called an ‘economic good’.