Meaning and types of Goods.
Meaning and Types of goods with examples. The things which are used to satisfy human wants are called goods. In other words, all commodities having utility are called goods. For example: building machinery, television, car, book, pen etc. The ownership of goods can be transferred from one person to another. Goods can satisfy human wants and they have physical existence i.e material in nature. Goods can be stored for tomorrow and they can be touched and seen. Following are the types of goods: 1. Normal goods: Those goods which were consumed by large number of consumers are called normal goods. In other words, those goods whose demand increases along with the increase in income of people and vice versa are called normal goods. For example: vehicles, building furniture, TV, books etc. 2. Inferior goods : Those goods which have low quality are called inferior goods. In other words, those goods whose demand decreases along with increase in income of people and vice ...