The Different Types of Goods

In economics, goods can be categorized in many different ways. One of the most common distinctions is based on two characteristics: excludability and rivalrousness. That means, we categorize goods depending on whether people can be prevented from consuming them (excludability) and whether they can be consumed by individuals without affecting their availability to other […]

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Difference between Goods and Services

In economics we often talk about goods and services. They are the most basic products of an economy. Goods are defined as tangible consumable items (e.g. ice cream) while services describe tasks that are performed by individuals for the benefit of others (e.g. teaching). Seems pretty easy, right? Well, if we just look at examples such as […]

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