Definitions (3)
2. Commerce: An inherently useful and relatively scarce tangible item produced from agricultural, construction, manufacturing, or mining activities. According to the UN Convention On Contract For The International Sale Of Goods, the term 'good' does not include (1) items bought for personal use, (2) items bought at an auction or foreclosure sale, (3) aircraft or oceangoing vessels.
3. Economics: A commodity, or a physical, tangible item that satisfies some human want or need, or something that people find useful or desirable and make an effort to acquire it. Goods that are scarce (are in limited supply in relation to demand) are called economic goods, whereas those whose supply is unlimited and that require neither payment nor effort to acquire, (such as air) are called free goods.
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Questions related to 'good'
- in respect of calculating net asset value is the value intangible and goodwill deductible to arrive at the final value.
- NOEL value is good to be high or low for a product in order to be suitable for human consumption or used in food industry? Thank you for reply
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- When you use the word receive, does it always have to be related to goods?
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