What Are Goods And Services Scholarly Articles

Goods and Services: Meaning and Classification of Goods and Services

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Significant :

We want to accept all the things to satisfy our present 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 skilful or service.

A head of clay will not be called as it is non wanted by whatever man. Thus all the goods have the power to satisfy some of our wants. Likewise, all services accept the ability to satisfy some of our wants.

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

(i) Goods and

(ii) Services.

Appurtenances are material things wanted by human beings. They can be seen or touched. Services are non-material things. These cannot be seen or touched only their effects are felt. When nosotros are hungry, we take food. When we fall sick, we take medicines. When we study, nosotros use book, notebook, pen, paper etc. All these are examples of goods which satisfy some of our wants. All the things which satisfy human wants are skillful.

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

Classification of Goods and Services :

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

These are discussed below:

(i) Free Goods and Economic goods:

The goods which have unlimited supply and are provided as free gift of nature. The appurtenances which are non man-made and practise not have to pay anything to get them. These goods are known equally 'Free Goods'. For case, air, body of water, h2o, sunlight, sand in the desert etc. On the other mitt, goods similar vegetables, grains, minerals, fruits, fishes etc. which are neither man-fabricated nor unlimited supply of nature are known as 'Economical Goods' All these appurtenances are sold and purchased in the market merely.

(ii) Free Services and Economic Services:

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

(iii) Consumer Goods and Capital Goods:

The appurtenances which are direct used by the consumer for the purposes of consumption are known every bit 'Consumer Goods' The example of consumer goods are bread, biscuit, butter, jam, rice, fish, egg, shoes, shirts, fan, volume, pen, cooking gas etc. On the other mitt, all the goods which are non directly used to satisfy consumption only which are used in further production are called 'Producer Appurtenances' or 'Capital Goods'. The examples are seeds, fertilizers, tools, machines, raw materials etc.

(4) Consumer Services and Producer Services:

When services are used straight by consumers to satisfy their wants, they are called 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, information technology is a consumer service Notwithstanding when the tailor stitches a shirt for a readymade garments shop, the service rendered by him is a producer service.

(v) Single Use and Durable Utilize Goods:

Goods (both consumer appurtenances and producer goods) which are simply used or consumed for single fourth dimension or just in one case are known equally single use appurtenances. Bread, milk, fruits, vegetables etc. are the example of unmarried use consumer appurtenances. On the other mitt, seeds, fertilizers, raw materials etc. are the example of single employ producer goods.

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

(six) Private Goods and Public Goods:

On the basics of ownership goods tin can be classified into two groups. All the goods which are owned past individual bodies are called private goods. For example, a automobile, a house, a motorbike, a mobile phone, books, a television set set etc. are the individual goods.

In that location are big number of goods which are collectively endemic by the society, the public or the authorities. These are chosen public or government appurtenances. For case, roads, bridges, hospitals, government schools etc. are the public appurtenances or the social goods or the government goods.