Skip to main content
Question Protected by RegDwigнt
deleted 21 characters in body
Source Link
user10893
user10893

I was wondering what differences and relations are between goods and commodities, from economics perspective?

  1. From good:

    In economics and accounting, a good is a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product that can be contrasted with a service which is intangible. As such, it is capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer. For example, an apple is a tangible good, as opposed to a haircut, which is an (intangible) service. One usage that preserves the distinction between goods and services by including both is commodity. In microeconomics, a 'good' is often used in this inclusive sense of the word (Milgate, 1987).

    Does the highlighted sentence mean that commodities consist of goods and services?

  2. From commodity:

    A commodity is a good for which there is demand, but which is supplied without qualitative differentiation across a market.1

    Does it say that a commodity is some special kind of good? Is this contrary to Part 1?

Thanks and regards!

I was wondering what differences and relations are between goods and commodities, from economics perspective?

  1. From good:

    In economics and accounting, a good is a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product that can be contrasted with a service which is intangible. As such, it is capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer. For example, an apple is a tangible good, as opposed to a haircut, which is an (intangible) service. One usage that preserves the distinction between goods and services by including both is commodity. In microeconomics, a 'good' is often used in this inclusive sense of the word (Milgate, 1987).

    Does the highlighted sentence mean that commodities consist of goods and services?

  2. From commodity:

    A commodity is a good for which there is demand, but which is supplied without qualitative differentiation across a market.1

    Does it say that a commodity is some special kind of good? Is this contrary to Part 1?

Thanks and regards!

I was wondering what differences and relations are between goods and commodities, from economics perspective?

  1. From good:

    In economics and accounting, a good is a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product that can be contrasted with a service which is intangible. As such, it is capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer. For example, an apple is a tangible good, as opposed to a haircut, which is an (intangible) service. One usage that preserves the distinction between goods and services by including both is commodity. In microeconomics, a 'good' is often used in this inclusive sense of the word (Milgate, 1987).

    Does the highlighted sentence mean that commodities consist of goods and services?

  2. From commodity:

    A commodity is a good for which there is demand, but which is supplied without qualitative differentiation across a market.1

    Does it say that a commodity is some special kind of good? Is this contrary to Part 1?

Fixed up title
Link
user1579
user1579

goods Distinctions between "Goods" and commodities"Commodities"

Source Link
Tim
  • 10.1k
  • 65
  • 152
  • 196

goods and commodities

I was wondering what differences and relations are between goods and commodities, from economics perspective?

  1. From good:

    In economics and accounting, a good is a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product that can be contrasted with a service which is intangible. As such, it is capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer. For example, an apple is a tangible good, as opposed to a haircut, which is an (intangible) service. One usage that preserves the distinction between goods and services by including both is commodity. In microeconomics, a 'good' is often used in this inclusive sense of the word (Milgate, 1987).

    Does the highlighted sentence mean that commodities consist of goods and services?

  2. From commodity:

    A commodity is a good for which there is demand, but which is supplied without qualitative differentiation across a market.1

    Does it say that a commodity is some special kind of good? Is this contrary to Part 1?

Thanks and regards!