ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are four different types of goods in economics, which can be classified based on excludability and rivalrousness: private goods, public goods, common resources, and club goods.

Detailed explanation-2: -A good is an “economic good” if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them.

Detailed explanation-3: -An important example of this is the Japanese economy, in which 40% of the shares traded on the Tokyo Stock Exchange are owned by the collection of industrial groups known as the Kigyo Shudan, and a further 30% is owned by networks of cross-shareholdings known as keiretsu.

Detailed explanation-4: -A social good is something that benefits the largest number of people in the largest possible way, such as clean air, clean water, healthcare, and literacy. Also known as “common good, ” social good can trace its history to Ancient Greek philosophers and implies a positive impact on individuals or society in general.