All material goods that are capable of satisfying human needs are called Goods. For example clothes, house, chair etc. All these fulfill one or the other desire of man. That is why these are called Goods.
Services refers to all the activities that are capable of fulfilling human needs in indirect ways are called Services. For example, a doctor examines a patient and prescribes medicine, banks provide financial services, a professor teaches a student, a lawyer argues a case, an engineer builds a bridge, etc. All these services become a source of indirect welfare of man. Which satisfies human needs.
The blessings given by nature like water, air, light etc which have to be paid for. They fall under the category of non-economic goods and are left out of the discussion of economics because in economics only such activities are discussed which are discussed under the category of wealth whereas no economic struggle is required to get water, air, and light.
Such things, for the acquisition of which economic struggle is required and it is impossible to acquire them without paying their price. are called economic goods. For example, food, clothing, cloth, flour, ghee, bicycle etc. Because the demand for economic goods is greater than their supply, the consumer consumes these goods keeping in mind the scarcity of resources.
Consumer goods are goods that directly satisfy human wants. For example, bread, cloth, house, fruits, vegetables, etc. all come under the category of consumer goods. As if all the things used in daily life are called consumer goods. And helps to fulfill human needs immediately.
Capital goods refer to goods that, instead of being used directly, help to make goods that meet human needs. For example, cement, iron, stone, wood, which are used in building a house, come under the category of capital goods. Apart from this, capital goods include all types of machines and other equipment that bring capital goods into being.
To understand the difference between consumer goods and capital goods, we can give an example from normal life which falls under the category of both consumer goods and capital goods at the same time. Because they are a direct means of fulfilling desires. For example, a professor's car falls under the category of consumer goods for his personal use. But when the car is used as a taxi to earn more income, it is considered as capital goods.
Government goods refer to all goods that are directly used by the people. For example roads, gardens, hospitals, schools, etc
Private goods refer to goods that are the personal property of people. For example, house, car, fridge, furniture, etc
Necessities refer to such things that a person has to acquire for the survival of life and without which it is impossible to live. For example, water, bread, paper, etc. are brought under the category of necessities. Comforts are things that provide comfort to human life and increase human performance. For example, good food, car, fan etc. Luxuries refer to those things that provide comfort to a person's life, but they do not make a significant difference in a person's performance and it is possible to live without them. For example, air conditioners, expensive cars, expensive furniture, etc.
It should be noted here that an item can become a necessity, luxury, and luxury at the same time according to the nature of use. For example, a car is a necessity for a professor, a luxury for a common man, and a luxury for an ordinary employee because professor has more money and salary than a common man and an ordinary employee. Ordinary employee has to empty his entire saving account to buy car.
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