Utility Characteristics of Goods
Goods may increase or decrease their utility directly or indirectly and may be described as having marginal utility. Some things are useful, but not scarce enough to have monetary value, such as the Earth's atmosphere, these are referred to as 'free goods'.
In economics, a bad is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer and therefore, it is important to realize that not all goods are good all the time and not all goods are goods to all people.
Read more about this topic: Good (economics)
Famous quotes containing the words utility and/or goods:
“Moral sensibilities are nowadays at such cross-purposes that to one man a morality is proved by its utility, while to another its utility refutes it.”
—Friedrich Nietzsche (1844–1900)
“The goods of fortune ... were never intended to be talked out of the world.—But as virtue and true wisdom lie in the middle of extremes,—on one hand, not to neglect and despise riches, so as to forget ourselves,—and on the other, not to pursue and love them so, as to forget God;Mto have them sometimes in our heads,—but always something more important in our hearts.”
—Laurence Sterne (1713–1768)