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What are some examples of economic goods?

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Quick Answer

An economic good is a physical object or service that has value and can be sold; some examples include bananas, toys, haircuts and cars. Sometimes a distinction is made between tangible products, simply called goods, and intangible services.

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Full Answer

The word "commodity" can also refer to a tangible good, but it generally means a raw material or primary product. In order for it to be considered a good, the object or service must be able to be sold at a prize above zero. Goods satisfy wants and provide utility to the consumer. Certain types of goods are considered tangible in economic theory but are not so in common speech; an example is information.

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Related Questions

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    What are some examples of complementary goods?

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    Complementary goods are materials or products whose use is connected with the use of a related or paired commodity in a manner that demand for one generates demand for the other. Examples of such goods include: DVD player and DVD disks, mobile phones and recharge cards, cars and petrol, printers and ink cartridges, boots and laces, computer hardware and computer software, and tennis balls and tennis rackets.

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  • Q:

    What are examples of fungible goods?

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    Fungible goods include money, oil, bonds and unopened consumer items on store shelves, such as boxes of cereal, oatmeal and yogurt. Fungible goods classify as such if they have identical value and properties of other items. Money, for instance, holds equal value in a $10 bill or two $5 bills.

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  • Q:

    What are examples of elastic and inelastic goods?

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    Examples of elastic goods are coffee, airline tickets and stocks. Examples of inelastic goods are water, electricity, and telephone service. The elasticity of a good is the sensitivity of its demand to changes in its price.

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  • Q:

    What are some examples of elastic and inelastic goods?

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    Furniture, cars, televisions, jewelry and phones are examples of elastic goods. They are luxuries. Food grains, vegetables, milk, gas and electricity are some examples of inelastic goods. They are necessities.

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