Good

A good in economics is any object, service or right that increases utility, directly or indirectly, not to be confused with the adjective "good", as used in a moral or ethical sense. A good that cannot be used by consumers directly, such as an "office building" or "capital equipment", can also be referred to as a good as an indirect source of utility through resale value or as a source of income.

In macroeconomics and accounting, a good is contrasted with a service. A good here is defined as a physical (tangible) product, capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, say an apple, as opposed to an (intangible) service, say a haircut. A more general term that preserves the distinction between goods and services is 'commodities'. In microeconomics, a 'good' is often used in this more inclusive sense of the word.


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