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SERVICES: Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Examples include information, entertainment, and education. This term service should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources.
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GOOD TYPES The economy produces four distinct types of goods based on two key characteristics -- consumption rivalry and nonpayer excludability. Consumption rivalry arises if consumption of a good by one person prevents another from also consuming. Nonpayer excludability means potential consumers who do not pay for a good can be excluded from consuming. Private goods are rival in consumption and easily subject to the exclusion of nonpayers. Public goods are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods are nonrival in consumption and easily subject to exclusion. Common-property goods are rival in consumption and not easily subject to exclusion. Private goods can be efficiently exchanged through markets. Public, near-public and common-property goods cannot, but require some degree of government involvement for efficiency.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for celebrities who speak directly to you through your television.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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DOL
Department of Labor
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