Good (economics)

A good in economics is anything that increases utility. This contrasts with a bad that decreases utility. Another way of think of it is that a good is something that you want more of, and a bad is something that you want less of. For example, leisure is a good, but work is a bad from the standpoint of the worker, though the money that is paid for work is a good. A good is often thought of as only a physical product, such as in the accounting definition as an "accounting good"). In economics, a good does not need to be a physical object. For example, a service such as getting a haircut would be a good as long as the recipient wanted it. The broader definition economists use is valuable in thinking of many of the decisions people make among a number available choices.

There are a number of different ways of looking at the concept of goods in economics including:

• Complement good
• Free goods
• Giffen goods
• Inferior goods
• Normal goods
• Public good
• Substitute good
• Veblen good

See also

• List of economics topics

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