Question

Classification of goods depends on the

Answer 1

VERIFED ANSWER

• There are three main types of goods: existinggoods, future goods, and contingent goods.
• Within the category of consumer products, there are four main classifications: convenience goods, shopping goods, specialty goods, and unsought goods.
• There are four different types of goods in economics which can be classified based on excludability and rivalrousness: private goods, public goods, common resources, and clubgoods. Private Goods are products that are excludable and rival. Public goods describe products that are non-excludable and non-rival.
• there are three types of goods in the economic meaning; these are the normal good, inferiorgoods and luxuary goods. firstly normal goodsrefers to the increase in the income causes demand for normal goods. and inferior goodmeans that increase in the income causes the decrease in demand for inferior goods.

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Answer 2

Answer:

classification of goods depends on