In economics Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic, a good is any object or service that increases utility In economics, utility is a measure of the relative satisfaction from, or desirability of, consumption of various goods and services. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of attempts to increase one's utility. For illustrative purposes, changes in utility, directly or indirectly. It should not be confused with the adjective "good", as used in a moral A moral is a message conveyed or a lesson to be learned from a story or event. The moral may be left to the hearer, reader or viewer to determine for themselves, or may be explicitly encapsulated in a maxim. As an example of the latter, at the end of Aesop's fable of the Tortoise and the Hare, in which the plodding and determined tortoise wins a or ethical Ethics is a branch of philosophy which seeks to address questions about morality, such as what the fundamental semantic, ontological, and epistemic nature of ethics or morality is (meta-ethics), how moral values should be determined (normative ethics), how a moral outcome can be achieved in specific situations (applied ethics), how moral capacity sense. [1] A good that cannot be used by consumers Consumer is a broad label that refers to any individuals or households that use goods and services generated within the economy. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary directly, such as an "office building" or "capital equipment", can also be referred to as a good as an indirect source of utility through resale value or as a source of income.
In macroeconomics Macroeconomics (from prefix "macr-" meaning "large" + "economics") is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole. Along with microeconomics, macroeconomics is one of the two most general fields in economics. It is the study of the and accounting Accountancy or accounting is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management, a good is contrasted with a service A service is the non-ownership equivalent of a good. Service provision has been defined as an economic activity that does not result in ownership and is claimed to be a process that creates benefits by facilitating either a change in customers, a change in their physical possessions, or a change in their intangible assets. In this sense, a good is defined as a physical (tangible Tangible property in law is, literally, anything which can be touched, and includes both real property and personal property (or moveable property), and stands in distinction to intangible property) product The noun product is defined as a "thing produced by labor or effort" or the "result of an act or a process", and stems from the verb produce, from the Latin prōdūce '(to) lead or bring forth'. Since 1575, the word "product" has referred to anything produced. Since 1695, the word has referred to "thing or things, capable of being delivered to a purchaser and involves the transfer of ownership Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. An ownership right is also referred to as title. The concept of ownership has existed for thousands of years and in all cultures. Over the millennia, however, and across cultures what is considered from seller A sale is the pinnacle activity involved in selling products or services in return for money or other compensation. It is an act of completion of a commercial activity to customer A customer, also client, buyer or purchaser is usually used to refer to a current or potential buyer or user of the products of an individual or organization, mostly called the supplier or seller. This is typically through purchasing or renting goods or services. However in certain contexts the term customer also includes by extension anyone who, say an apple, as opposed to an (intangible Intangible property, also known as incorporeal property, describes something which a person or corporation can have ownership of and can transfer ownership of to another person or corporation, but has no physical substance. It generally refers to statutory creations such as copyright, trademarks, or patents. It excludes tangible property like real) service, say a haircut. A more general term that preserves the distinction between goods and services is 'commodities,' like a flashlight. In microeconomics Microeconomics is a branch of economics that studies how households and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices; and how prices,, a 'good' is often used in this more inclusive sense of the word.
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