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)
“And he thought to himself...., ‘Soul, you have ample goods laid up for many years; relax, eat, drink, be merry.’ But God said to him, ‘You fool! This very night your life is being demanded of you. And the things you have prepared, whose will they be?’”
—Bible: New Testament, Luke 12:17-20.