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