What is the definition of a good in economics?

In economics, a good is defined as a tangible product that satisfies wants and needs. This means that goods are physical items that consumers can touch and use, such as food, clothing, and electronics. Goods are directly involved in the consumption process and play a crucial role in fulfilling basic and enhanced needs for individuals and society as a whole. By recognizing goods as tangible products, we highlight their physicality and the ability to be owned or consumed.

The other definitions refer to different economic concepts; for instance, the notion of an intangible product is more aligned with services, which involve activities rather than physical items. Services are non-tangible and do not result in ownership of anything physical. Similarly, a financial asset refers to intangible items like stocks or bonds that can generate revenue but do not satisfy physical wants and needs directly. Understanding the distinction between goods and these other concepts allows for a clearer grasp of economic principles and the role of various types of economic items in the market.