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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.

References in periodicals archive ?
Summary: The UAE government's new rule that made good conduct certificates mandatory came into effect on February 1.
Estyn said the school's 468 pupils made good progress and almost all left with standards that were at or above those found nationally.
Hughes said: "We had a number of targets we made good bids for.
made good a Christmas promise by knitting the woollens 31800620
Henry Angest, Arbuthnot's chairman and chief executive, said that the group had made good progress so far and would continue to exploit the opportunities available to it.
We have made good progress against our stated objectives including delivering strong growth in funds under management.
Detective Chief Inspector Koran Sellars, of Greater Manchester Police, said last night: "Since allegations were made to police in December we have made good progress with this investigation and with tracing and speaking to former pupils of Altrincham Grammar School.
MERSEYSIDE'S Crown Prosecution Service has made good progress after a hard-hitting report strongly criticised its performance.
I have made good progress on preparing an application to the High Court for new inquests in these cases and I expect to make the application in December.
I thought we made good progression last year and I know we're going to push on again this season.