Good (economics) facts for kids
A good in economics is anything useful that people want. It's usually something you can touch, like a toy, a phone, or a piece of clothing. When we talk about goods in economics, we mean things that can be bought, sold, or traded.
Even things like an office building or special machines used in factories are called goods. This is because they are useful, even if they are not sold directly to a person for their own use. In economics, "good" just means something useful, not necessarily something that is morally good.
If something is sold for money, it's considered a good. This is because the buyer believes the item is more valuable than the money they paid for it.
Contents
Goods vs. Services
In economics, we often talk about two main types of things people buy: goods and services.
What is a Good?
A good is a physical item that you can hold or touch. Think of a new bicycle, a book, or a sandwich. These are all goods because they are real objects that can be delivered to you.
What is a Service?
A service is not a physical object. Instead, it's an action or help that someone provides for you. For example, when a doctor helps you feel better, that's a service. When a hairdresser cuts your hair, that's also a service. You can't hold a service, but it still helps you.
Different Kinds of Goods
Not all goods are the same. Some are easy to get, while others are harder to find.
Free Goods
Some things are useful but are not scarce, meaning there's plenty of them for everyone. These are called free goods. A good example is the air we breathe. It's very useful, but we don't usually have to pay for it.
Common Goods
Common goods are similar to free goods because they are available to many people. However, they can sometimes become scarce if too many people use them without care. Think of fish in the ocean or clean water in a river. Everyone can use them, but if too many people take fish or pollute the water, there might not be enough for everyone later.
Images for kids
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Tangible goods stacked in a warehouse
See also
In Spanish: Bien económico para niños
