WHAT IS AN ECONOMIC GOOD?
The question of what is an economic good is not a difficult one to answer, but because there are so many things that could fall under the category as a “good” (Campen 22) and several different economists have varying opinions as to what an economic good is and what characteristics that it should possess a universal definition is not easy to locate. The type of definition that is used is dependant on which economic theory that is practiced. Going to the first place that most of us beginning the search for knowledge, the internet, a few different definitions were found. A synopsis of the definitions that were found using this medium consists of the following:
• a physical object or service that has value to people and can be sold for a non-negative price in the marketplace. (http://www.about.com/)
Moving on to more respectable sources, more reputable definitions are found. C. E. Ferguson defined an economic good in broad terms, quite similar to those found by searching the internet. Ferguson stated that an economic good is:
The ends through which the goals of economic actors are achieved. (Bates 380)
Marshal, another economist did not stray from the concept of generality by defining an economic good when he stated:
Represent all desirable things, or things that satisfy human wants. (Bates 380)
Another definition found states that an economic good are things that are, to be sure, “goods” but not means to an end. (Campen 22) Apart from an item or concept being defined as an economic good, it must also be known as a good. (Campen 24) Taking into account these definitions, a conclusive definition of anything that can be bought, sold, or exchanged can be categorized as an economic good.