good

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good

or

commodity

an economic PRODUCT which is produced to meet some personal or business demand. Goods which are purchased by individuals are called consumer goods or final goods, while goods purchased by businesses are referred to variously as producer goods, capital goods, industrial goods or intermediate goods.

Some consumer goods (nondurables), such as bread and toothpaste, are used up immediately or within days of purchase, while others, referred to as consumer durables, such as cars, washing machines and televisions, are ‘consumed’ over a time scale often running into several years and are often considered to constitute part of an individual's personal assets or wealth.

Producer goods are items which are purchased by manufacturers, etc. to be used as factor inputs in producing other goods or services. They too may be used up in the short term (for example nuts and bolts, engines, etc.) as the production cycle repeats itself, or they may constitute the firm's stock of longer-lasting (durable) fixed capital assets such as plants, equipment and machinery The provision of goods (for example, a motor car, a perfume etc.) involve a number of characteristics which set them apart from the provision of a SERVICE (for example, window cleaning), in particular tangibility - the ability of a customer to see, touch, taste or smell the good, and separability - the fact that goods are typically produced and consumed at different points in time and thus can be stored. See MARKETING.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
Guinness is flowing in Irish pubs on a Good Friday for the first time in 90 years.
The Good Friday service was led by Father Felix Au.
There is an affinity to the Friday drinking imposed closure of pubs on Good Friday but that affinity is, d s, in many cases leading to alcohol abuse.
Good Friday, the day marking the crucifixion of Jesus Christ 2,000 years ago was observed with traditional solemnity and reverence by the Christian community in city's churches.
Hopefully there will never be jump racing on Good Friday unless it's of top quality with excellent prize-money.
For his 2016 Good Friday address, he denounced terrorist acts carried out in the name of religion and spoke of the Brussels attacks, which had taken place just weeks earlier.
All three Good Friday fixtures are owned by the BHA, with the previous three-year lease acquired by Arc up for renewal this year.
If Johnson's Brexit strategy winds up negating the Good Friday Agreement, Congress is likely to not support onto any new trade deal between the U.S.
Potential trade deals between London and Washington could be threatened by backlash from Congress, with both Democrats and Republicans stating they would opose any trade deal with the UK if the Good Friday agreement 1998 was harmed by a hard border on the Irish island, Sputnik reported.
'The deployment of our beautiful big birds, the Boeing 777 on our Port Harcourt-Abuja and Abuja-Port Harcourt routes on Good Friday and Easter Monday was received with enthusiasm by members of the public.