Question

good for nothing meaning

Answer 1

good for nothing means the person is fit for nothing. he does not have the ability to do anything.

Answer 2

Good for nothing - not fit for anything. 

This can be referred to a person , an object or anything else.

For example - 
⇒ This old toy is good for nothing.
  This means that the old toy is not fit for further use.

⇒Ramesh is good for nothing
This means that Ramesh is not fit / suitable to do anything.

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