Public good Goods or services that are collectively consumed; it is not possible to exclude anyone from enjoying their benefits and one person’s consumption does not reduce that available to others.

Free goods and economic goods: Free goods are free gifts of nature. They are
available in abundance i.e. in unlimited quantity and the supply is much more than the demand.

Economic goods are those goods (manmade or free gifts of nature) whose demand is more than supply. They command a price and they can be bought in the market.

Consumer goods and Producer goods: This classification is based on the purpose for which a particular good is used. Consumer goods are those goods, which satisfy the want of consumer directly. They are goods, which are used for consumption. For example bread, fruits, milk, clothes etc.

Producer goods are those goods, which satisfy the want of consumers indirectly. As they help in producing other goods, they are known as producer goods. For example machinery, tools, raw materials, seeds, manure and tractor etc are all example of producer goods.


Sin Goods: (Demerit Goods)



White Goods:

White goods are large home appliances such as stoves (British: cookers), refrigerators, freezers, washing machines, tumble driers, dishwashers, and air conditioners. They are large electrical goods for the house which were traditionally available only in white. Even though you can purchase them today in a wide range of different colours, they continue being called white goods.

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