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Encyclopedia > Durable good
A car (Toyota Corolla S) is a durable good in economics. The gasoline that powers it is a non-durable good.
A car (Toyota Corolla S) is a durable good in economics. The gasoline that powers it is a non-durable good.

In economics, a durable good or a hard good is a good which does not quickly wear out, or more specifically, it yields services or utility over time rather than being completely used up when used once. Most goods are therefore durable goods to a certain degree. Perfectly durable goods never wear out. As an example, a rubber band is not very durable. Download high resolution version (1024x728, 182 KB) Wikipedia does not have an article with this exact name. ... Download high resolution version (1024x728, 182 KB) Wikipedia does not have an article with this exact name. ... Car redirects here. ... The Toyota Corolla is a compact car produced by the Japanese automaker Toyota, which has become very popular throughout the world since the nameplate was first introduced in 1966. ... Petrol redirects here. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... A good in economics is any physical object (natural or man-made) or service that, upon consumption, increases utility, and therefore can be sold at a price in a market. ... This article is about a term used in economics. ... For other uses, see Utility (disambiguation). ...


Examples of durable goods include cars, appliances, business equipment, electronic equipment, home furnishings and fixtures, houseware and accessories, photographic equipment, recreational goods, sporting goods, toys and games.


Durable goods are typically characterized by long interpurchase times--the time between two successive purchases.


Nondurable goods or soft goods are the opposite of durable goods. They may be defined either as goods that are used up when used once, or that have a lifespan of less than 3 years.


Examples of nondurable goods include cosmetics, food, cleaning products, fuel, office supplies, packaging and containers, paper and paper products, personal products, rubber, plastics, textiles, clothing and footwear.


Durable goods, nondurable goods and services together constitute the consumption of an economy. This article is about a term used in economics. ... In economics, consumption refers to the final use of goods and services to provide utility. ...


See also

Types of goods

public good - private good - common good - common-pool resource - club good - anti-rival goods Industrial organization is the field of economics that studies the behavior of firms, the structure of markets and of their interactions. ... The Ecological Intelligent Design strategy of Michael Braungart, an ecological chemist, and Bill McDonough, an architect and designer, applies to both products and buildings. ... A good or commodity in economics is any object or service that increases utility, directly or indirectly, not to be confused with good in a moral or ethical sense (see Utilitarianism and consequentialist ethical theory). ... In economics, a public good is a good that is non-rival and non-excludable. ... In economics Private good is an opposite of the public good. ... It has been suggested that this article or section be merged into Common pool resource. ... The terms common-pool resource (CPR), alternatively termed a common property resource, is a particular type of good, and a natural or human-made resource system, whose size or characteristics of which makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. ... Club goods are a type of goods in economics, sometimes classified as a subtype of public goods, that are non-competetive and excludable. ... This term is a neologism, coined by (Weber) to describe goods created by a process of reciprocal exchange for mutual benefit, such as open source software. ...

rivalrous good and non-excludable good
complement good vs. substitute good
free good vs. positional good

(non-)durable good - intermediate good (producer good) - final good - capital good
inferior good - normal good - ordinary good - Giffen good - luxury good - Veblen good - superior good
search good - (post-)experience good - merit good - credence good - demerit good - composite good In economics, a good is considered rivalrous if its consumption by one person prevents it from being available to others. ... Excludability is defined in economics as whether or not it is possible to exclude people who have not paid for a good or service from consuming it. ... A complement or complementary good is defined in economics as a good that should be consumed with another good; its cross elasticity of demand is negative. ... In economics, one kind of good (or service) is said to be a substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses. ... The free good is a term used in economics to describe a good that is not scarce. ... A positional good is an intrinsically scarce good whose value is determined by its social context, as opposed to a material good which has innate value. ... Intermediate goods or producer goods are goods used as inputs in the production of other goods, such as partly finished goods or raw materials. ... In economics Final goods are goods that are ultimately consumed rather than used in the production of another good. ... Capital goods, in contrast to consumer goods, are goods used in the production of (physical) capital. ... In consumer theory, an inferior good is a good that decreases in demand when the consumers income falls, unlike normal goods, for which the opposite is observed. ... In economics, normal goods are any goods for which demand increases when income increases. ... An ordinary good is a microeconomic concept used in consumer theory. ... A Giffen good is a product for which a rise in price of this product makes people buy even more of the product. ... A luxury sedan is an example of a luxury good. ... A commodity is a Veblen good if peoples preference for buying it increases as a direct function of its price. ... Superior goods make up a larger proportion of consumption as income rises, and as such are a type of normal goods in consumer theory. ... In economics, a search good is a product or service with easily observable features and characteristics. ... In economics, an experience good is a product or service where product characteristics such as quality or price are difficult to observe. ... A merit good is defined in economics as a good that is under consumed if provided by the market mechanism because individuals typically consider how the good benefits them as individuals rather than the benefits that consumption generates for others in society. ... A credence good is a term used in economics for a good whose utility impact is difficult or impossible for the consumer to ascertain. ... In economics, a demerit good is a good or service that is seen as intrinsically unhealthy, degrading, or socially damaging towards other persons and/or society at large once consumed. ... // Definition A composite good is an abstraction used in economics that represents all other choices of consumption that can be made. ...


  Results from FactBites:
 
Bohm-Bawerk, The Positive Theory of Capital, Book VI, Chapter VII: Library of Economics and Liberty (2479 words)
Material goods are of use to mankind through the action of the natural powers that reside in them, or, as I have expressed it in another place, through the rendering of their material services.
A service obtains value exactly as a good does—that is, by the satisfaction of some want being dependent upon it—and the amount of its value is measured by the importance of the dependent want—that is, by the amount of the marginal utility which may be obtained from a service of such kind and such extent.
If a good is capable of rendering ten services, and if the satisfaction of a certain want depends on each of these services, it is obvious that what depends on the possession of the good is the receiving of these satisfactions, and, indeed, of all the ten satisfactions from which the services get their value.
Durable good - Wikipedia, the free encyclopedia (279 words)
In economics, a durable good or a hard good is a good which does not quickly wear out, or more specifically, it yields services or utility over time rather than being completely used up when used once.
Nondurable goods or soft goods are the opposite of durable goods.
Durable goods, nondurable goods and services together constitute the consumption of an economy.
  More results at FactBites »


 
 

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