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Consumer Product
In economics, any commodity which is produced and subsequently consumed by the consumer, to satisfy his current wants or needs, is a consumer good or final good. Consumer
Consumer
goods are goods that are ultimately consumed rather than used in the production of another good. For example, a microwave oven or a bicycle which is sold to a consumer is a final good or consumer good, whereas the components which are sold to be used in those goods are called intermediate goods. For example, textiles or transistors which can be used to make some further goods. When used in measures of national income and output, the term "final goods" only includes new goods. For instance, the GDP excludes items counted in an earlier year to prevent double counting of production based on resales of the same item second and third hand
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The Consumer Goods
The Consumer Goods
The Consumer Goods
was a Canadian indie rock/pop band originally from Winnipeg, Manitoba. Their politically charged music earned both praise and contempt, and made them controversial figures in the Canadian indie rock scene in the 2000s
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Free Goods
A free good is a good that is not scarce, and therefore is available without limit.[1][2] A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good. For example, a shop might give away its stock in its promotion, but producing these goods would still have required the use of scarce resources. Examples of free goods are ideas and works that are reproducible at zero cost, or almost zero cost. For example, if someone invents a new device, many people could copy this invention, with no danger of this "resource" running out. Other examples include computer programs and web pages. Earlier schools of economic thought proposed a third type of free good: resources that are scarce but so abundant in nature that there is enough for everyone to have as much as they want
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Common-pool Resource
In economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a core resource (e.g. water or fish), which defines the stock variable, while providing a limited quantity of extractable fringe units, which defines the flow variable
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Club Good
Club goods (also artificially scarce goods) are a type of good in economics, sometimes classified as a subtype of public goods that are excludable but non-rivalrous, at least until reaching a point where congestion occurs. These goods are often provided by a natural monopoly. Club goods have artificial scarcity
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Anti-rival Good
An anti-rival good is a neologism suggested by Steven Weber. According to his definition, it is the opposite of a rival good. When more people share an anti-rival good, the more utility each person receives. Examples include software and other information goods created through the process of commons-based peer production. An anti-rival good meets the test of a public good because it is non-excludable (freely available to all) and non-rival (consumption by one person does not reduce the amount available for others). However, it has the additional quality of being created by private individuals for common benefit without being motivated by pure altruism, because the individual contributor also receives benefits from the contributions of others. An example is provided by Lawrence Lessig, "It's not just that code is non-rival; it's that code in particular, and (at least some) knowledge in general, is, as Weber calls it, 'anti-rival'
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Global Public Good
In traditional usage, a global public good is a public good available on a more-or-less worldwide basis. There are many challenges to the traditional definition, which have far-reaching implications in the age of globalization. Eg. The eradication of polioContents1 Definition 2 Challenges to the traditional definition 3 Implications 4 See also 5 References 6 Further reading 7 External linksDefinition[edit] In traditional usage, a global public good is a good that has the three following properties:[1]It is non-rivalrous. Consumption of this good by anyone does not reduce the quantity available to other agents. It is non-excludable
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Global Commons
Global commons
Global commons
is a term typically used to describe international, supranational, and global resource domains in which common-pool resources are found. Global commons
Global commons
include the earth's shared natural resources, such as the high oceans, the atmosphere and outer space and the Antarctic
Antarctic
in particular.[1] Cyberspace
Cyberspace
may also meet the definition of a global commons.Contents1 Definition and usage 2 Management of the global commons2.1 The global ocean 2.2 Atmosphere 2.3 Polar regions 2.4 Outer space 2.5 Internet3 See also 4 References 5 External links 6 Further readingDefinition and usage[edit] "Global commons" is a term typically used to describe international, supranational, and global resource domains in which common-pool resources are found
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Rivalry (economics)
In economics, a good is said to be rivalrous or rival if its consumption by one consumer prevents simultaneous consumption by other consumers,[1] or if consumption by one party reduces utility/ability to use to another. A good is considered non-rivalrous or non-rival if, for any level of production, the cost of providing it to a marginal (additional) individual is zero.[2] A good can be placed along a continuum ranging from rivalrous to non-rivalrous. The same characteristic is sometimes referred to as jointness of supply or subtractable or non-subtractable.[3] Most tangible goods, both durable and nondurable, are rival goods. A hammer is a durable rival good. One person's use of the hammer presents a significant barrier to others who desire to use that hammer at the same time. However, the first user does not "use up" the hammer, meaning that some rival goods can still be shared through time
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Excludability
In economics, a good or service is called excludable if it is possible to prevent people (consumers) who have not paid for it from having access to it. By comparison, a good or service is non-excludable if non-paying consumers cannot be prevented from accessing it.[citation needed]Contents1 Definition matrix 2 Examples 3 Implications and inefficiency 4 See also 5 References 6 Further readingDefinition matrix[edit]Excludable Non-excludableRivalrous Private goods food, clothing, cars, parking spaces Common-pool resources fish stocks, timber, coalNon-rivalrous Club goods cinemas, private parks, satellite television Public goods free-to-air television, air, national defenseExamples[edit] An architecturally pleasing building, such as Tower Bridge, creates an aesthetic non-excludable good, which can be enjoyed by anyone who happens to look at it. It is difficult to prevent people from gaining this benefit
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Complementary Goods
In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good.[1] This means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased.[2] If goods A and B are complements, an increase in the price of A will result in a leftward movement along the demand curve of A and cause the demand curve for B to shift in; less of each good will be demanded. A decrease in price of A will result in a rightward movement along the demand curve of A and cause the demand curve B to shift outward; more of each good will be demanded. Basically this means that since the demand of one good is linked to the demand of another good, if a higher quantity is demanded of one good, a higher quantity will also be demanded of the other, and if a lower quantity is demanded of one good, a lower quantity will be demanded of the other
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Substitute Good
A substitute good is one good that can be used instead of another. In consumer theory, substitute goods or substitutes are products that a consumer perceives as similar or comparable, so that having more of one product makes them desire less of the other product. Formally, X and Y are substitutes if, when the price of X rises, the demand for Y rises. Potatoes from different farms are an example: if the price of one farm's potatoes goes up, then it can be presumed that fewer people will buy potatoes from that farm and source them from another farm instead. There are different degrees of substitutability
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Independent Goods
Independent goods
Independent goods
are goods that have a zero cross elasticity of demand. Changes in the price of one good will have no effect on the demand for an independent good
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Positional Goods
Positional goods are goods valued only by how they are distributed among the population, not by how many goods there are in total. For example, getting a college degree is useful in the job market because it helps the new graduate, yet slightly worsens the situation for all others holding that degree as it increases competition from that graduate. That is, the total benefit from all instances of a positional good is zero-sum, neither increasing nor decreasing. More formally, positional goods are a subset of economic goods whose consumption (and subsequent utility), also conditioned by Giffen-like pricing, depends negatively on consumption of those same goods by others.[1] In particular, for these goods the value is at least in part (if not exclusively) a function of its ranking in desirability by others, in comparison to substitutes
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Household Goods
Household goods are goods and products used within households
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Durable Good
In economics, a durable good or a hard good is a good that does not quickly wear out, or more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly durable goods because they should theoretically never wear out. Highly durable goods such as refrigerators or cars usually continue to be useful for three or more years of use,[1] so durable goods are typically characterized by long periods between successive purchases. Examples of consumer durable goods include automobiles, books, household goods (home appliances, consumer electronics, furniture, tools, etc.), sports equipment, jewelry, medical equipment, firearms, and toys. Nondurable goods or soft goods (consumables) are the opposite of durable goods
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