Goods refer to tangible products that can be bought, sold, or traded in the marketplace. They encompass a wide range of items, from everyday necessities like food and clothing to luxury items such as electronics and vehicles. The classification of goods can vary, but they are generally divided into categories like durable goods, which last for an extended period, and non-durable goods, which are consumed quickly.
In economics, the concept of goods is essential for understanding supply and demand dynamics. Businesses produce goods to meet consumer needs, and the exchange of these goods drives economic activity. The production and distribution of goods are influenced by factors such as market trends, consumer preferences, and global trade policies.