A good can be transferred if it is external to hunam body .give in economic terms
Answers
answer:In this article, we propose to explain some terms which are frequently used in Economics.
This is essential not only for clear thinking but also for a correct understanding of the language used in books on Economics.
The terms used in Economics are also used in the ordinary speech. But in Economics they are used in a sense different from that in which they are used in ordinary speech. We shall make it clear here in what sense they are used in Economics.
Goods:
Meaning:
ADVERTISEMENTS:
We know that human wants are the starting point of all economic activity. Man has wants which he must satisfy. There are two things with which he can satisfy these wants—goods and services. Goods mean the commodities that we use, and services refer to the work that a person may do. Services are not something tangible or concrete.
The help of a tutor, the advice of a lawyer or a doctor, the work done by railways or domestic servants—these are all services. Goods or commodities, on the other hand, are almost always concrete, material and tangible, “e.g., land, houses, furniture, etc. Goods and services are used to satisfy human wants. Anything that can satisfy a human want is called a ‘good’ in Economics.