Goods
Goods are products that can be used or exchanged to satisfy needs and wants. Introductory business teaching commonly contrasts tangible goods with services, which are activities or performances, though digital goods need not be tangible and many purchases combine goods and services. Goods can be final products or inputs for further production. Economic goods are scarce relative to demand and have an opportunity cost; the term is not a synonym for every possible good.
Worked example
A café supplies a packaged loaf as a good and provides table service alongside food. A customer’s overall experience can include both tangible items and service activities.
Common mistake
Assuming every business sells only goods or only services, or treating all goods as inventory held for resale.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | BT | Supporting | September 2026–June 2027 |
| FIA | FBT | Supporting | September 2026–June 2027 |
