Goods and services - Revision history

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	[[Category:Done ~~2018~~-07-20]]		[[Category:Done 2020-02-29]]
	<onlyinclude>A '''good''' is a tangible item that consumers desire or own.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Goods." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1375?rskey=opQ1Fi&result=4, 2009 [Aug 30, 2016]</ref> A '''service''' is not a tangible or physical entity but is still sought after by consumers. Often, a service can also be performed at a distance.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Services." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2821?rskey=k005F5&result=1, 2009 [Aug 30, 2016]</ref> Together the term '''goods and services''' refers to what consumers are consuming and spending money on.		<onlyinclude>A '''good''' is a tangible item that consumers desire or own.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Goods." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1375?rskey=opQ1Fi&result=4, 2009 [Aug 30, 2016]</ref> A '''service''' is not a tangible or physical entity but is still sought after by consumers. Often, a service can also be performed at a distance.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Services." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2821?rskey=k005F5&result=1, 2009 [Aug 30, 2016]</ref> Together the term '''goods and services''' refers to what consumers are consuming and spending money on.

	Goods and services often work together. For example, a consumer who purchases ~~a book online~~ also pays for the ~~delivery~~ of ~~the book~~. In this case, the ~~book~~ is the good and the ~~delivery of the book~~ is the service.		Goods and services often work together. For example, a consumer who purchases [[gasoline]] for their car also pays for the processing and transportation of that gasoline. In this case, the gasoline is the good and the processing and transportation is the service.

	==Goods==		==Goods==
	*'''Normal Good'''- With normal goods, as the income of an individual increase, the [[demand]] and consumption of a normal good increases. Luxury goods, such as sports cars, act as an example of a normal good. A person who has a mid-level vehicle might buy a sports car when their income increases.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Normal Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2156?rskey=opQ1Fi&result=3, 2009 [Aug 30, 2016]</ref>		*'''Normal Good'''- With normal goods, as the income of an individual increase, the [[demand]] and consumption of a normal good increases. Luxury goods, such as sports cars, act as an example of a normal good. A person who has a mid-level vehicle might buy a sports car when their income increases. Along with this, their demand for [[octane rating\|premium]] gasoline might increase with the purchase of a sports car.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Normal Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2156?rskey=opQ1Fi&result=3, 2009 [Aug 30, 2016]</ref>

	*'''Inferior Good'''- As the income of a person rises, the demand for and consumption of an inferior good falls.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. New York: Worth Publishers, 2013, pp. 168.</ref> As the income of a household rises the family might ~~begin to eat more meat and more expensive food items~~ which ~~decreases~~ the demand for ~~pre-packaged food~~. In this case the ~~pre-packaged food~~ is an inferior good.		*'''Inferior Good'''- As the income of a person rises, the demand for and consumption of an inferior good falls.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. New York: Worth Publishers, 2013, pp. 168.</ref> Take for example a family whose home is heated only by burning wood or other [[biofuel]]s. As the income of the household rises, the family might invest in a [[natural gas]] furnace, which reduces the demand for biofuels. In this case, the biofuel is an inferior good.

	==Services==		==Services==
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	*'''Public Services'''- This is a service provided by a government to ensure a certain quantity of the service can be provided at a low cost to everyone. Usually the cost of a public service is funded through [[tax]]es. For example, emergency services such as the police, fire department and emergency healthcare are provided by the government (in Canada). This ensures that every person has the opportunity to access theses services. In contrast, not everyone can access the service of a private jet flight.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. pp. 86.</ref>		*'''Public Services'''- This is a service provided by a government to ensure a certain quantity of the service can be provided at a low cost to everyone. Usually the cost of a public service is funded through [[tax]]es. For example, emergency services such as the police, fire department and emergency healthcare are provided by the government (in Canada). This ensures that every person has the opportunity to access theses services. In contrast, not everyone can access the service of a private jet flight.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. pp. 86.</ref>

	==~~See Also~~==		==For Further Reading==

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			*Or explore a [[Special:Random\|random page]]

	==References==		==References==
	{{reflist}}		{{reflist}}
	[[Category: Uploaded]]		[[Category: Uploaded]]

Jmdonev: 1 revision imported

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Jmdonev at 21:31, 18 July 2018

2018-07-18T21:31:51Z

← Older revision		Revision as of 21:31, 18 July 2018
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	[[Category:Done ~~2016~~-04-30]]		[[Category:Done 2018-07-20]]
	<onlyinclude>A '''good''' is a tangible~~, physical thing~~ that consumers ~~want to consume~~ or ~~have. In contrast, pollution is not a good as people do not want to consume it~~.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Goods." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1375?rskey=opQ1Fi&result=4, 2009 [Aug 30, 2016]</ref> A '''service''' is not a tangible or physical entity but is still sought after by consumers. Often, a service can also be performed at a distance.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Services." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2821?rskey=k005F5&result=1, 2009 [Aug 30, 2016]</ref> Together the term '''goods and services''' refers to what consumers are consuming and spending money on.		<onlyinclude>A '''good''' is a tangible item that consumers desire or own.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Goods." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1375?rskey=opQ1Fi&result=4, 2009 [Aug 30, 2016]</ref> A '''service''' is not a tangible or physical entity but is still sought after by consumers. Often, a service can also be performed at a distance.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Services." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2821?rskey=k005F5&result=1, 2009 [Aug 30, 2016]</ref> Together the term '''goods and services''' refers to what consumers are consuming and spending money on.

	Goods and services often work together. For example, a consumer who purchases a book online also pays for the delivery of the book. In this case, the book is the good and the delivery of the book is the service.		Goods and services often work together. For example, a consumer who purchases a book online also pays for the delivery of the book. In this case, the book is the good and the delivery of the book is the service.

	==Goods==		==Goods==
	*'''Normal Good'''- As the income of ~~a person increases~~ the [[demand]] and consumption of a normal good increases. ~~One~~ example ~~is luxury goods which typically carry~~ a ~~high price~~. A person who has a mid-level vehicle might buy a sports car when their income ~~rises~~.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Normal Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2156?rskey=opQ1Fi&result=3, 2009 [Aug 30, 2016]</ref> ~~As the total income of a family rises, they might take longer, more expensive vacations.~~		*'''Normal Good'''- With normal goods, as the income of an individual increase, the [[demand]] and consumption of a normal good increases. Luxury goods, such as sports cars, act as an example of a normal good. A person who has a mid-level vehicle might buy a sports car when their income increases.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Normal Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2156?rskey=opQ1Fi&result=3, 2009 [Aug 30, 2016]</ref>

	*'''Inferior Good'''- As the income of a person rises, the demand for and consumption of an inferior good falls.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. New York: Worth Publishers, 2013, pp. 168.</ref> As the income of a household rises the family might begin to eat more meat and more expensive food items which decreases the demand for pre-packaged food. In this case the pre-packaged food is an inferior good.		*'''Inferior Good'''- As the income of a person rises, the demand for and consumption of an inferior good falls.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. New York: Worth Publishers, 2013, pp. 168.</ref> As the income of a household rises the family might begin to eat more meat and more expensive food items which decreases the demand for pre-packaged food. In this case the pre-packaged food is an inferior good.
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	*'''Private Service'''- A private service is one that a consumer pays for as needed and is provided by a firm or another person. For example, once a consumer purchases a cell phone, they pay for the continued service of using the telecom network of their provider.<ref>M. Parkin and R. Bade. ''Economics: Canada in the Global Environment''. Toronto: Pearson, 2013, pp. 3.</ref>		*'''Private Service'''- A private service is one that a consumer pays for as needed and is provided by a firm or another person. For example, once a consumer purchases a cell phone, they pay for the continued service of using the telecom network of their provider.<ref>M. Parkin and R. Bade. ''Economics: Canada in the Global Environment''. Toronto: Pearson, 2013, pp. 3.</ref>

	*'''Public Services'''- This is a service provided by a government to ensure a certain quantity of the service can be provided at a low cost to everyone. Usually the cost of a public service ~~provided by the government comes in the form of~~ [tax]]es. For example, emergency services such as the police, fire department and emergency healthcare are provided by the government (in Canada). This ensures that every person has the opportunity to access theses services. In contrast, not everyone can access the service of a private jet flight.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. pp. 86.</ref>		*'''Public Services'''- This is a service provided by a government to ensure a certain quantity of the service can be provided at a low cost to everyone. Usually the cost of a public service is funded through [[tax]]es. For example, emergency services such as the police, fire department and emergency healthcare are provided by the government (in Canada). This ensures that every person has the opportunity to access theses services. In contrast, not everyone can access the service of a private jet flight.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. pp. 86.</ref>

	==See Also==		==See Also==
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	==References==		==References==
	{{reflist}}		{{reflist}}
			[[Category: Uploaded]]

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Jmdonev at 04:11, 4 September 2016

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[[Category:Done 2016-04-30]]
<onlyinclude>A '''good''' is a tangible, physical thing that consumers want to consume or have. In contrast, pollution is not a good as people do not want to consume it.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Goods." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-1375?rskey=opQ1Fi&result=4, 2009 [Aug 30, 2016]</ref> A '''service''' is not a tangible or physical entity but is still sought after by consumers. Often, a service can also be performed at a distance.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Services." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2821?rskey=k005F5&result=1, 2009 [Aug 30, 2016]</ref> Together the term '''goods and services''' refers to what consumers are consuming and spending money on.

Goods and services often work together. For example, a consumer who purchases a book online also pays for the delivery of the book. In this case, the book is the good and the delivery of the book is the service.

==Goods==
*'''Normal Good'''- As the income of a person increases the [[demand]] and consumption of a normal good increases. One example is luxury goods which typically carry a high price. A person who has a mid-level vehicle might buy a sports car when their income rises.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Normal Good." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-2156?rskey=opQ1Fi&result=3, 2009 [Aug 30, 2016]</ref> As the total income of a family rises, they might take longer, more expensive vacations.

*'''Inferior Good'''- As the income of a person rises, the demand for and consumption of an inferior good falls.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. New York: Worth Publishers, 2013, pp. 168.</ref> As the income of a household rises the family might begin to eat more meat and more expensive food items which decreases the demand for pre-packaged food. In this case the pre-packaged food is an inferior good.

==Services==
*'''Private Service'''- A private service is one that a consumer pays for as needed and is provided by a firm or another person. For example, once a consumer purchases a cell phone, they pay for the continued service of using the telecom network of their provider.<ref>M. Parkin and R. Bade. ''Economics: Canada in the Global Environment''. Toronto: Pearson, 2013, pp. 3.</ref>

*'''Public Services'''- This is a service provided by a government to ensure a certain quantity of the service can be provided at a low cost to everyone. Usually the cost of a public service provided by the government comes in the form of [tax]]es. For example, emergency services such as the police, fire department and emergency healthcare are provided by the government (in Canada). This ensures that every person has the opportunity to access theses services. In contrast, not everyone can access the service of a private jet flight.<ref>A. Goolsbee, S. Levitt and C. Syverson. ''Microeconomics''. pp. 86.</ref>

==See Also==

::::::::{| class="wikitable"
|-
| || '''Excludable''' || '''Non-Excludable'''
|-
| '''Rival''' || [[Private good]] || [[Common resource]]
|-
| '''Non-Rival''' || [[Club good]] || [[Public good]]
|-
|}

==References==
{{reflist}}