Good (economics)

A good in economics is anything that increases utility. This contrasts with a bad that decreases utility. Another way of think of it is that a good is something that you want more of, and a bad is something that you want less of. For example, leisure is a good, but work is a bad from the standpoint of the worker, though the money that is paid for work is a good. A good is often thought of as only a physical product, such as in the accounting definition as an "accounting good"). In economics, a good does not need to be a physical object. For example, a service such as getting a haircut would be a good as long as the recipient wanted it. The broader definition economists use is valuable in thinking of many of the decisions people make among a number available choices. There are a number of different ways of looking at the concept of goods in economics including:\n*Complement good\n*Free goods\n*Giffen goods\n*Inferior goods\n*Normal goods\n*Public good\n*Substitute good\n*Veblen good

See also

\n*List of economics topics \n