good (goods)

(noun) Anything that people find, grow, or make that is then bought, sold, or traded to satisfy needs or wants.

Example: A basket weaver produces a basket then sells it. The basket weaver uses the money from the sale to buy food. The basket and the food are both goods.

Audio Pronunciation: (good)

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Usage Notes:

  • Plural: goods
  • The terms good and commodity are often used interchangeably, but while commodities can be sold as is they are often used as raw materials to build goods.
  • Typically coupled with services and written as goods and services when discussing economic matters.
  • Also called:
    • trade good
    • ware

Additional Information:

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