How Will The Goods And Services Be Produced?

Goods and Services: Significant and Nomenclature of Goods and Services

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Meaning :

We desire to have all the things to satisfy our nowadays and future wants. Thus, our desire is for all those things that satisfy our wants.

All these things are either material goods or services. If something is not wanted by anybody it will not be chosen a good or service.

A head of clay will non exist called every bit it is non wanted by any human. Thus all the goods have the ability to satisfy some of our wants. Likewise, all services have the power to satisfy some of our wants.

Therefore, we tin divide the things that we wants into ii categories:

(i) Goods and

(two) Services.

Goods are textile things wanted by homo beings. They can exist seen or touched. Services are non-cloth things. These cannot exist seen or touched only their effects are felt. When nosotros are hungry, we take nutrient. When nosotros autumn ill, nosotros take medicines. When we study, nosotros employ volume, notebook, pen, paper etc. All these are examples of goods which satisfy some of our wants. All the things which satisfy human wants are good.

All the same, wants for haircut, washing of cloths, mending of shoes, stitching of cloths, studying in a school or a college etc. are not satisfied by appurtenances. These are satisfied by the services performed past a barber, washer man, cobbler, tailor and teacher etc. And then some of our wants are satisfied by appurtenances and some by services. Hence, all the homo wants can be satisfied by goods and services.

Classification of Goods and Services :

Goods and services are of many types. However, these can exist classified into some broad groups.

These are discussed below:

(i) Free Goods and Economical goods:

The goods which have unlimited supply and are provided equally free gift of nature. The goods which are not homo-made and do not take to pay anything to become them. These goods are known every bit 'Free Appurtenances'. For instance, air, sea, water, sunlight, sand in the desert etc. On the other hand, goods similar vegetables, grains, minerals, fruits, fishes etc. which are neither man-fabricated nor unlimited supply of nature are known as 'Economic Appurtenances' All these goods are sold and purchased in the market simply.

(two) Free Services and Economic Services:

Services which cannot be bought in the market and which are only rendered out of love, affection etc. are known as 'Free Services'. For example, all services given past the parents to their children are gratis services. However, all the services that tin can exist bought in the market are 'Economical Services'. Services rendered by doctors, teachers, lawyers, barbers, cobblers etc. are the example of economical services.

(iii) Consumer Appurtenances and Capital Goods:

The appurtenances which are direct used by the consumer for the purposes of consumption are known as 'Consumer Goods' The example of consumer goods are bread, biscuit, butter, jam, rice, fish, egg, shoes, shirts, fan, book, pen, cooking gas etc. On the other hand, all the appurtenances which are not directly used to satisfy consumption but which are used in further production are called 'Producer Goods' or 'Majuscule Goods'. The examples are seeds, fertilizers, tools, machines, raw materials etc.

(4) Consumer Services and Producer Services:

When services are used directly by consumers to satisfy their wants, they are chosen consumer services. When services are used by producers to produce other goods and services, they are called producer services. When the tailor stitches our shirt, it is a consumer service However when the tailor stitches a shirt for a readymade garments store, the service rendered by him is a producer service.

(v) Single Use and Durable Use Goods:

Goods (both consumer goods and producer goods) which are only used or consumed for single time or but once are known as single use appurtenances. Bread, milk, fruits, vegetables etc. are the instance of single use consumer goods. On the other paw, seeds, fertilizers, raw materials etc. are the example of single use producer goods.

Some goods (both consumer goods and producer appurtenances) can be used for a considerable menstruation, that is, they can be used again and once more. They are called durable apply goods. For instance, table, chair, cloths, shoes etc. are the durable use consumer goods. On the other hand, tube wells, tractors, pump-sets etc. are the example of durable use producer appurtenances,

(vi) Private Goods and Public Goods:

On the basics of ownership appurtenances can be classified into two groups. All the goods which are owned by individual bodies are chosen private goods. For example, a car, a house, a motor­cycle, a mobile phone, books, a television set etc. are the individual goods.

There are large number of goods which are collectively endemic by the social club, the public or the government. These are called public or government appurtenances. For example, roads, bridges, hospitals, government schools etc. are the public goods or the social goods or the regime goods.

How Will The Goods And Services Be Produced?,

Source: https://www.economicsdiscussion.net/articles/goods-and-services-meaning-and-classification-of-goods-and-services/2014

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