GENERAL KNOWLEDGE

Detailed explanation-1: -Materials goods are items that are tangible, meaning you can touch, hold and see them within a physical space. Consumers can move and transfer these goods from one location to another. Most goods are material. Basic examples of material goods include items like: Cars.

Detailed explanation-2: -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-3: -Type # 1. Material and Non-Material Goods: For example, cars, shoes, cloth, machines, buildings, wheat, etc., are all material goods. On the other hand, non-material goods are intangible for they do not possess any shape or weight and cannot be seen, touched or transferred.

Detailed explanation-4: -Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients. Examples of goods are automobiles, appliances, and clothing.