Types of Goods

Elasticity is the measure of sensitivity/responsiveness of quantity demanded of a good/service in relation to another variable. This variable has…

Within economics, there are several types of goods available to be consumed. But before we explore the different types, we need to understand a few concepts so we can differentiate the goods later on.

CONCEPTS

Non – excludable: A good which is non-excludable means that even if a person doesn’t pay for, they benefit from it regardless.

Non – rivalrous:

 

TYPES OF GOODS

Normal Good – A normal good is a good in which, as

Luxury Good

Inferior Good

Substitute Good

Public Good

Clubs Good

Complimentary Good

Merit Good

Demerit Good

Necessity Good

Giffen Good