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If an object or service is sold for a positive price, then it is a good since the purchaser considers the utility of the object or service more valuable than the money. Some things are useful but not scarce such as Air and are referred to as '' Free Good s''. In Macroeconomics and Accounting , a good is contrasted with a Service . A good here is defined as a physical (tangible) Product capable of being delivered to a purchaser and involves the transfer of Ownership from Seller to Customer , as opposed to an (intangible) service. A more general term that preserves the distinction between goods and services is 'commodities'. In Microeconomics a 'good' is often used in this more inclusive sense of a commodity. UTILITY CHARACTERISTICS OF GOODS A good is an object whose consumption increases the Utility of the consumer, for which the quantity demanded exceeds the quantity supplied at zero price. Goods are usually modeled as having Decreasing Marginal Utility . The first car an individual purchases is very valuable; the fourth is much less useful. Thus, in these and similar goods, the marginal utility of additional units approaches zero as the quantity consumed increases. Assuming that one cannot re-sell it, there is a point at which a consumer would decline to purchase an additional car, even at a price very near zero. This is the consumer's satiation point. In some cases, such as the above example of a car, the lower limit of utility as quantity increases is zero. In other goods, the utility of a good can cross zero, changing from positive to negative through time. This means that what initially is a good can become a bad if too much of it is consumed. For example, shots of vodka can have positive utility, but beyond some point, additional units make the consumer less happy, that is, they would not be chosen. In economics a Bad is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer, and therefore, it is important to realize that not all goods are good all the time, and not all goods are goods to all people. TYPES OF GOODS Goods can be defined in a variety of ways, depending on a number a characteristics, these are listed in the table below; SEE ALSO REFERENCES
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