1. Intermediate good: An item used by other producers
as material input for production. Ex: Rubber used for
tyres.
2.Final goods: An item that is meant for final use and
will not pass through any more stages of production
or transformations. Ex: Car.
3. Consumer goods: Goods that are consumed when
purchased by their ultimate consumers. Ex: Clothes
Capital goods: Goods which are of durable character
used in the production process like tools, machines .
4 .Luxury good: As income increases, demand for
certain goods increases.Ex: Gold
5.Complementary Goods. Goods which are used
together. Ex: TV and DVD player, Pen and refill etc
6 Substitute goods:Goods which are alternatives. Ex:
Tea and coffee
7.Veblen / Snob good:A good where an increase in
price encourages people to buy more of it. This is
because they think more expensive goods are better.
Ex: Diamonds, limited edition cars etc
8.Giffen good: Demand goes up when prices increases.
Symbol of status.
9.Public good: Non rival consumption(one’s
consumption does not diminish them for others)non-
excludable. Ex: park, defence etc
10. Private good: is both rival (ex: club membership) and
excludable (if I own a house, others cannot use it)
11.Merit goods: have positive externalities Ex: health,
education
12.Demerit goods: have negative externalities. Ex:
Alcohol, cigarettes etc
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