ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Material goods are those which are tangible. They can be seen, touched and transferred from one place to another. For example, cars, shoes, cloth, machines, buildings, wheat, etc., are all material 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: -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-4: -The basic types of goods differ on whether they are excludable, non-excludable, rival or nonrival. An excludable good is a good that you must pay for, while a non-excludable good is free for everyone. A rival good has a limited supply, while a nonrival good has a limitless supply.

Detailed explanation-5: -Some common examples of goods include food, clothing, cars, electronics, and furniture. The other main category of economic value is services.