354:. In many cases, renewable resources, such as land, are common commodities but some of them are contained in public goods. Public goods are non-exclusive and non-competitive, meaning that individuals cannot be stopped from using them and anyone can consume this good without hindering the ability of others to consume them. Examples in addition to the ones in the matrix are national parks, or firework displays. It is generally accepted by mainstream economists that the market mechanism will under-provide public goods, so these goods have to be produced by other means, including government provision. Public goods can also suffer from the
398:
people are excluded because they are not members. Examples in addition to the ones in the matrix are cable television, golf courses, and any merchandise provided to club members. A large television service provider would already have infrastructure in place which would allow for the addition of new customers without infringing on existing customers viewing abilities. This would also mean that marginal cost would be close to zero, which satisfies the criteria for a good to be considered non-rival. However, access to cable TV services is only available to consumers willing to pay the price, demonstrating the excludability aspect.
38:
1999:
218:
1988:
1098:
370:
most common type of goods. They include what you have to get from the store. For examples food, clothing, cars, parking spaces, etc. An individual who consumes an apple denies another individual from consuming the same one. It is excludable because consumption is only offered to those willing to pay the price.
435:
Overtly adding a very important fourth type of good—common-pool resources—that shares the attribute of subtractability with private goods and difficulty of exclusion with public goods. Forests, water systems, fisheries, and the global atmosphere are all common-pool resources of immense importance for
397:
are excludable but not rivalrous in the consumption. That is, not everyone can use the good, but when one individual has claim to use it, they do not reduce the amount or the ability for others to consume the good. By joining a specific club or organization we can obtain club goods; As a result, some
369:
are excludable goods, which prevent other consumers from consuming them. Private goods are also rivalrous because one good in private ownership cannot be used by someone else. That is to say, consuming some goods will deprive another consumer of the ability to consume the goods. Private goods are the
525:
The additional definition matrix shows the four common categories alongside providing some examples of fully excludable goods, Semi-excludable goods and fully non-excludeable goods. Semi-excludable goods can be considered goods or services that a mostly successful in excluding non-paying customer,
655:
to the consumer. Services do not normally involve transfer of ownership of the service itself, but may involve transfer of ownership of goods developed or marketed by a service provider in the course of the service. For example, sale of storage related goods, which could consist of storage sheds,
225:
Goods' diversity allows for their classification into different categories based on distinctive characteristics, such as tangibility and (ordinal) relative elasticity. A tangible good like an apple differs from an intangible good like information due to the impossibility of a person to physically
125:
Commercial goods are construed as tangible products that are manufactured and then made available for supply to be used in an industry of commerce. Commercial goods could be tractors, commercial vehicles, mobile structures, airplanes, and even roofing materials. Commercial and personal goods as
676:
produced by the electric utility company. While the service (namely, distribution of electrical energy) is a process that remains in its entirety in the ownership of the electric service provider, the goods (namely, electric energy) is the object of ownership transfer. The consumer becomes an
241:
are generally more inelastic than goods in a family of substitutes. For example, if a rise in the price of beef results in a decrease in the quantity of beef demanded, it is likely that the quantity of hamburger buns demanded will also drop, despite no change in buns' prices. This is because
381:
are rival in consumption and non-excludable. An example is that of fisheries, which harvest fish from a shared common resource pool of fish stock. Fish caught by one group of fishermen are no longer accessible to another group, thus being rivalrous. However, oftentimes, due to an absence of
246:. Goods considered complements or substitutes are relative associations and should not be understood in a vacuum. The degree to which a good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, and can be measured as
401:
Economists set these categories for these goods and their impact on consumers. The government is usually responsible for public goods and common goods, and enterprises are generally responsible for the production of private and club goods, although this is not always the case.
237:; for example, as pen prices rise, consumers might buy more pencils instead. An inelastic good is one for which there are few or no substitutes, such as tickets to major sporting events, original works by famous artists, and prescription medicine such as insulin.
267:
There are four types of goods based on the characteristics of rival in consumption and excludability: Public Goods, Private Goods, Common
Resources, and Club Goods. These four types plus examples for anti-rivalry appear in the accompanying table.
263:
Goods can be classified based on their degree of excludability and rivalry (competitiveness). Considering excludability can be measured on a continuous scale, some goods would not be able to fall into one of the four common categories used.
232:
also differentiates types of goods. An elastic good is one for which there is a relatively large change in quantity due to a relatively small change in price, and therefore is likely to be part of a family of
418:
proposed additional modifications to the existing classification of goods so to identify fundamental differences that affect the incentives facing individuals. Their definitions are presented on the matrix.
226:
hold the latter, whereas the former occupies physical space. Intangible goods differ from services in that final (intangible) goods are transferable and can be traded, whereas a service cannot.
126:
categories are very broad and cover almost everything a person sees from the time they wake up in their home, on their commute to work to their arrival at the workplace.
209:
is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer and therefore, not all goods are goods to all people.
439:
Changing the name of a "club" good to a "toll" good since goods that share these characteristics are provided by small scale public as well as private associations.
656:
storage containers, storage buildings as tangibles or storage supplies such as boxes, bubble wrap, tape, bags and the like which are consumables, or distributing
1084:
Vuaridel, R. (1968). Une définition des biens économiques. (A definition of economic goods). L'Année sociologique (1940/1948-), 19, 133-170. Stable JStor URL:
425:
proposed additional modifications to the classification of goods to identify fundamental differences that affect the incentives facing individuals
1033:
Ostrom, E. (2010). Beyond
Markets and States : Polycentric Governance of Complex Economic Systems. American Economic Review, 100(June), 408–444.
17:
935:
432:
Conceptualizing subtractability of use and excludability to vary from low to high rather than characterizing them as either present or absent.
3108:
3064:
1077:
1869:
842:
814:
803:
526:
but are still able to be consumed by non-paying consumers. An example of this is movies, books or video games that could be easily
1368:
1130:
95:, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food-related.
910:
110:
that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are
102:
or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a
885:
767:
2112:
2035:
1102:
776:
202:
In normal parlance, "goods" is always a plural word, but economists have long termed a single item of goods "a good".
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1504:
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697:
247:
229:
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1934:
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1410:
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electric energy owner by purchase and may use it for any lawful purposes just like any other goods.
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belongs to an intangible class of goods and can be perceived only by means of an instrument such as
3098:
3044:
2787:
2742:
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1600:
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722:
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Goods may increase or decrease their utility directly or indirectly and may be described as having
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2002:
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1306:
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1116:
608:
351:
327:
770:. Palgrave, Macmillan, London., in referencing an influential parallel definition of 'goods' by
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1081:, v. 2, pp. 546–48. Includes historical and contemporary uses of the terms in economics.
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577:
520:
192:
87:, such as air, are naturally in abundant supply and need no conscious effort to obtain them.
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Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill.
8:
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in relation to its demand so that human effort is required to obtain it. In contrast,
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989:
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799:, World Scientific. Online version: Deardorffs' Glossary of International Economics,
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1194:
920:
505:"network" good, e.g., data on the internet; good that improves public health
422:
411:
298:
276:
27:
Tangible or intangible things that satisfy human wants and can be transferred
945:
937:
Digitalisation, anti-rival compensation and governance: Need for experiments
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1199:
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Pekka
Nikander; Ville Eloranta; Kimmo Karhu; Kari Hiekkanen (2 June 2020),
651:
Goods, both tangibles and intangibles, may involve the transfer of product
555:
366:
292:
137:
88:
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Replacing the term "rivalry of consumption" with "subtractability of use".
2997:
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2075:
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1528:
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838:
Alan V. Deardorff, 2006, Deardorffs' Glossary of
International Economics
702:
664:
company. This service can only be experienced through the consumption of
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333:
152:
148:
72:. A common distinction is made between goods which are transferable, and
1085:
250:
by employing statistical techniques such as covariance and correlation.
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2707:
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1214:
1161:
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589:
454:
Consumption can be extended to include "Anti-rivalrous" consumption.
394:
318:
196:
129:
84:
49:
42:
386:, it is difficult to restrict access to fishermen who may overfish.
2536:
1747:
1742:
1617:
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80:
65:
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eg: Carriage of Goods by Sea Act, goods vehicle, Sale of Goods Act
766:, 2008, "Goods and Commodities". In: Palgrave Macmillan (eds) The
1801:
1700:
1612:
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669:
217:
133:
115:
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988:(Eighth ed.). Pearson Education Limited. pp. 635–636.
30:
This article is about the economic concept. For other uses, see
1987:
1776:
1097:
514:
958:
443:
1661:
1523:
629:
160:
2013:
350:
Goods that are both non-rival and non-excludable are called
1818:
1013:(Eighth ed.). Pearson Education Limited. p. 637.
905:(6th ed.). Mason, OH: South-Western Cengage Learning.
164:
79:
A good is an "economic good" if it is useful to people but
57:
405:
644:
can only be stored, delivered, and consumed by means of
187:. Some things are useful, but not scarce enough to have
963:. Australia: Pearson Education Australia. p. 351.
959:
Hubbard, R.G; Garnett, A; Lewis, P; O'Brien, A (2018).
178:
458:
Types of goods based on consumption and excludability
634:
Goods are capable of being physically delivered to a
900:
797:
254:
Goods classified by exclusivity and competitiveness
601:Sharing pay television or streaming subscriptions
1075:Milgate, Murray (1987), "goods and commodities,"
242:hamburger buns and beef (in Western culture) are
136:for economic goods but often refer to marketable
3125:
880:. Vikas Publishing House PVT LTD. p. 133.
1035:https://doi.org/10.1080/19186444.2010.11658229
2029:
1362:
1124:
1050:. Princeton, NJ: Princeton University Press.
780:,1961, 9th ed.Section I, page 54, Macmillan.
660:among consumers is a service provided by an
515:Expansion of Fourfold model: Semi-Excludable
1078:The New Palgrave: A Dictionary of Economics
444:Expansion of Fourfold model: Anti-rivalrous
2036:
2022:
1369:
1355:
1131:
1117:
603:to more users than what is being paid for
258:
159:forms. For example, among other goods an
823:
373:
216:
122:can be used to make some further goods.
36:
1008:
983:
878:Microeconomics: Theory and Applications
875:
450:Rivalry (economics) § Anti-rivalry
14:
3126:
1045:
406:History of the fourfold model of goods
2017:
1350:
1112:
1048:Understanding Institutional Diversity
668:, which is available in a variety of
560:food, clothing, cars, parking spaces
436:the survival of humans on this earth.
323:eg. cinemas, software, private parks
788:
786:
768:New Palgrave Dictionary of Economics
758:
756:
613:free-to-air, air, national defense,
594:cinemas, private parks, television,
521:Excludability § Semi-Excludable
179:Utility and characteristics of goods
151:, certain classes of goods, such as
91:are things owned by people, such as
2113:Agent-based computational economics
623:
24:
1925:Microfoundations of macroeconomics
1376:
1138:
68:making a purchase of a satisfying
25:
3160:
1090:
783:
753:
508:"symbiotic" good, e.g., language
212:
2571:neoclassical–Keynesian synthesis
1998:
1997:
1986:
1096:
566:like movies, books, video games
361:
1039:
1027:
1002:
977:
952:
345:
18:Good (economics and accounting)
1011:Microeconomics, Global Edition
986:Microeconomics, Global Edition
927:
894:
869:
860:
851:
832:
76:, which are not transferable.
13:
1:
2507:Critique of political economy
2043:
1058:
961:Essentials of Economics Ebook
615:free and open-source software
389:
56:are items that satisfy human
903:Principles of microeconomics
901:Mankiw, N. Gregory. (2012).
564:Piracy of copyrighted goods
195:, these are referred to as '
163:is a tangible object, while
41:Tangible goods stacked in a
7:
1870:Civil engineering economics
1855:Statistical decision theory
1495:Income elasticity of demand
680:
221:Types of goods in economics
10:
3165:
2645:Real business-cycle theory
1505:Price elasticity of supply
1500:Price elasticity of demand
1490:Cross elasticity of demand
698:Fast-moving consumer goods
672:and, in this case, is the
627:
518:
447:
248:cross elasticity of demand
147:Although common goods are
29:
3085:
3043:
2685:
2419:
2168:
2133:
2051:
1981:
1948:
1827:
1384:
1147:
857:Oxford English Dictionary
464:
1561:Income–consumption curve
746:
723:List of economics topics
309:eg. fish stocks, timber
3144:Supply chain management
2285:Industrial organization
2108:Computational economics
1895:Industrial organization
1205:(Post-)experience goods
1070:Dictionary of Economics
1046:Elinor, Ostrom (2005).
876:Dwivedi, D. N. (2016).
777:Principles of Economics
259:Fourfold model of goods
2490:Modern monetary theory
2155:Experimental economics
2125:Pluralism in economics
2098:Mathematical economics
1316:(Non-)excludable goods
410:In 1977, Nobel winner
334:free-to-air television
222:
45:
1865:Engineering economics
1460:Cost–benefit analysis
1312:(Non-)rivalrous goods
578:free public transport
572:Common-pool Resources
546:Fully Non-Excludable
530:and shared for free.
379:Common-pool resources
374:Common-pool resources
305:Common-pool resources
220:
40:
32:Good (disambiguation)
2364:Social choice theory
2120:Behavioral economics
2103:Complexity economics
1682:Price discrimination
1576:Intertemporal choice
1172:Common-pool resource
1105:at Wikimedia Commons
641:economic intangibles
576:fish, timber, coal,
297:eg. food, clothing,
64:, for example, to a
2448:American (National)
2148:Economic statistics
1993:Business portal
1930:Operations research
1757:Substitution effect
1234:Global public goods
1200:(Non-)durable goods
1177:Complementary goods
1009:Perloff, J (2018).
984:Perloff, J (2018).
740:Service (economics)
534:
459:
244:complementary goods
239:Complementary goods
1571:Indifference curve
1539:Goods and services
1480:Economies of scope
1475:Economies of scale
1254:Intermediate goods
845:2007-12-12 at the
817:2017-07-01 at the
806:2013-03-18 at the
708:Goods and services
533:
457:
356:Free-Rider problem
223:
193:Earth's atmosphere
112:intermediate goods
46:
3134:Goods (economics)
3121:
3120:
2652:New institutional
2011:
2010:
1973:Political economy
1772:Supply and demand
1652:Pareto efficiency
1344:
1343:
1244:Information goods
1185:Independent goods
1103:Goods (economics)
1101:Media related to
912:978-0-538-45304-2
793:Alan V. Deardorff
733:Tangible property
666:electrical energy
638:. Goods that are
621:
620:
540:Fully Excludable
512:
511:
494:Club / toll Good
486:Common-pool good
343:
342:
132:may be used as a
16:(Redirected from
3156:
2325:Natural resource
2160:Economic history
2086:Mechanism design
2038:
2031:
2024:
2015:
2014:
2001:
2000:
1991:
1990:
1733:Returns to scale
1591:Market structure
1371:
1364:
1357:
1348:
1347:
1249:Intangible goods
1219:Positional goods
1181:Substitute goods
1152:Anti-rival goods
1133:
1126:
1119:
1110:
1109:
1100:
1072:, Penguin Books.
1064:Bannock, Graham
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887:978-93259-8670-1
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830:
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790:
781:
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713:Intangible asset
662:electric utility
624:Trading of goods
596:public transport
543:Semi-Excludable
535:
532:
460:
456:
414:and her husband
338:national defense
271:
270:
235:substitute goods
230:Price elasticity
205:In economics, a
185:marginal utility
142:primary products
21:
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3114:Business portal
3081:
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2803:von Böhm-Bawerk
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2453:Ancient thought
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2415:
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2413:
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2129:
2081:Contract theory
2066:Decision theory
2047:
2042:
2012:
2007:
1985:
1977:
1944:
1823:
1465:Deadweight loss
1402:Consumer choice
1380:
1375:
1345:
1340:
1300:Household goods
1283:Necessity goods
1190:Composite goods
1143:
1137:
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847:Wayback Machine
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819:Wayback Machine
808:Wayback Machine
791:
784:
772:Alfred Marshall
762:Quotation from
761:
754:
749:
744:
718:Intangible good
693:Commodification
688:Bad (economics)
683:
632:
626:
523:
517:
502:Anti-rivalrous
452:
446:
408:
392:
384:property rights
376:
364:
348:
331:
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308:
296:
281:Non-excludable
261:
256:
215:
181:
114:. For example,
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23:
22:
15:
12:
11:
5:
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2527:Evolutionary
2389:Sociological
2362: /
2260:Geographical
2240:Evolutionary
2215:Digitization
2180:Agricultural
2143:Econometrics
2071:Price theory
1935:Optimization
1920:Mathematical
1880:Experimental
1875:Evolutionary
1860:Econometrics
1718:Public goods
1692:Price system
1687:Price signal
1601:Monopolistic
1543:
1470:Distribution
1385:Major topics
1336:Veblen goods
1321:Search goods
1307:Public goods
1278:Normal goods
1259:Luxury goods
1224:Giffen goods
1167:Common goods
1140:
1076:
1069:
1065:
1047:
1041:
1029:
1010:
1004:
985:
979:
960:
954:
936:
929:
902:
896:
877:
871:
862:
853:
840:"commodity".
834:
825:
796:
775:
673:
650:
639:
633:
612:
609:Public Goods
607:
602:
593:
588:
575:
570:
565:
559:
554:
524:
497:Public Good
483:Private Good
453:
421:
409:
400:
393:
377:
365:
352:public goods
349:
346:Public goods
328:Public goods
326:
317:
303:
291:
266:
262:
228:
224:
204:
201:
182:
155:, only take
146:
128:
124:
97:
78:
60:and provide
53:
47:
2903:von Neumann
2672:Supply-side
2657:Physiocracy
2601:Marginalism
2290:Information
2230:Engineering
2210:Development
2205:Demographic
2076:Game theory
2053:Theoretical
1885:Game theory
1850:Development
1797:Uncertainty
1677:Price floor
1657:Preferences
1596:Competition
1566:Information
1529:Externality
1512:Equilibrium
1453:Transaction
1431:Opportunity
1392:Aggregation
1264:Merit goods
1210:Final goods
703:Final goods
658:electricity
465:Excludable
153:information
130:Commodities
120:transistors
93:televisions
3128:Categories
3060:Economists
2933:Schumacher
2838:Schumpeter
2808:von Wieser
2728:von ThĂĽnen
2688:Economists
2587:Circuitism
2552:Humanistic
2547:Historical
2522:Ecological
2512:Democratic
2485:Chartalism
2475:Behavioral
2438:Mainstream
2399:Statistics
2394:Solidarity
2315:Managerial
2280:Humanistic
2275:Historical
2220:Ecological
2185:Behavioral
1915:Managerial
1835:Behavioral
1708:Production
1645:Oligopsony
1485:Elasticity
1397:Budget set
1331:Used goods
1215:Free goods
1162:Club goods
1059:References
946:Q106510738
812:"service".
590:Club Goods
551:Rivalrous
480:Rivalrous
395:Club goods
390:Club goods
319:Club goods
277:Excludable
197:free goods
173:television
157:intangible
85:free goods
2978:Greenspan
2943:Samuelson
2923:Galbraith
2893:Tinbergen
2833:von Mises
2828:Heckscher
2788:Edgeworth
2667:Stockholm
2662:Socialist
2562:Keynesian
2542:Happiness
2502:Classical
2463:Mutualism
2458:Anarchist
2443:Heterodox
2340:Personnel
2300:Knowledge
2265:Happiness
2255:Financial
2225:Education
2200:Democracy
2135:Empirical
2045:Economics
1956:Economics
1828:Subfields
1723:Rationing
1640:Oligopoly
1635:Monopsony
1623:Bilateral
1556:Household
1407:Convexity
1139:Types of
921:742415439
653:ownership
287:Rivalrous
50:economics
43:warehouse
3089:Category
3069:journals
3055:Glossary
3008:Stiglitz
2973:Rothbard
2953:Buchanan
2938:Friedman
2928:Koopmans
2918:Leontief
2898:Robinson
2783:Marshall
2633:Lausanne
2537:Georgism
2532:Feminist
2480:Buddhist
2470:Austrian
2369:Regional
2345:Planning
2320:Monetary
2250:Feminist
2195:Cultural
2190:Business
2003:Category
1949:See also
1840:Business
1812:Marginal
1807:Expected
1748:Shortage
1743:Scarcity
1618:Monopoly
1524:Exchange
1436:Implicit
1426:Marginal
1068:(1997).
942:Wikidata
843:Archived
815:Archived
804:Archived
795:, 2006.
774:, 1891.
728:Property
681:See also
670:voltages
636:consumer
169:printers
149:tangible
116:textiles
74:services
66:consumer
3139:Utility
3104:Outline
3075:Schools
3067: (
3028:Piketty
3023:Krugman
2888:Kuznets
2878:Kalecki
2853:Polanyi
2743:Cournot
2738:Bastiat
2723:Ricardo
2713:Malthus
2703:Quesnay
2606:Marxian
2497:Chicago
2427:history
2422:Schools
2409:Welfare
2379:Service
2170:Applied
1961:Applied
1940:Welfare
1802:Utility
1762:Surplus
1701:Pricing
1613:Duopoly
1606:Perfect
1549:Service
1517:General
1421:Average
528:pirated
336:, air,
134:synonym
108:bicycle
70:product
62:utility
3013:Thaler
2993:Ostrom
2988:Becker
2983:Sowell
2963:Baumol
2868:Myrdal
2863:Sraffa
2858:Frisch
2848:Knight
2843:Keynes
2818:Fisher
2813:Veblen
2798:Pareto
2778:Menger
2773:George
2768:Jevons
2763:Walras
2753:Gossen
2677:Thermo
2355:Public
2350:Policy
2305:Labour
2270:Health
1786:Supply
1777:Demand
1713:Profit
1581:Market
1443:Social
1066:et al.
1017:
992:
967:
944:
919:
909:
884:
801:"good"
81:scarce
3099:Lists
3094:Index
3045:Lists
3018:Hoppe
3003:Lucas
2968:Solow
2958:Arrow
2948:Simon
2913:Lange
2908:Hicks
2883:Röpke
2873:Hayek
2823:Pigou
2793:Clark
2708:Smith
2623:Mixed
2582:Post-
2404:Urban
2384:Socio
2374:Rural
1905:Labor
1890:Green
1662:Price
1544:Goods
1534:Firms
1141:goods
747:Notes
646:media
630:Trade
161:apple
106:or a
58:wants
54:goods
3034:more
2758:Marx
2748:Mill
2733:List
2611:Neo-
2567:Neo-
1819:Wage
1728:Rent
1696:Free
1448:Sunk
1416:Cost
1409:and
1314:and
1266:and
1217:vs.
1183:vs.
1179:vs.
1015:ISBN
990:ISBN
965:ISBN
917:OCLC
907:ISBN
882:ISBN
810:and
332:eg.
165:news
140:and
2998:Sen
2718:Say
2577:New
2310:Law
1910:Law
475:no
472:yes
207:bad
199:'.
171:or
118:or
48:In
3130::
940:,
915:.
785:^
755:^
648:.
358:.
175:.
144:.
98:A
52:,
3071:)
2573:)
2569:(
2429:)
2425:(
2037:e
2030:t
2023:v
1788:/
1779:/
1750:/
1694:/
1370:e
1363:t
1356:v
1132:e
1125:t
1118:v
1023:.
998:.
973:.
949:.
923:.
890:.
34:.
20:)
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