Economics is the social science that analyzes the production, distribution, and consumption oI goods and services.

The
term economics comes Irom the Ancient Greek oovonio (oikonomia, "management oI a household, administration")
Irom oo (oikos, "house") vono (nomos, "custom" or "law"), hence "rules oI the house(hold)".
|1|
Current economic
models emerged Irom the broader Iield oI political economy in the late 19th century. A primary stimulus Ior the
development oI modern economics was the desire to use an empirical approach more akin to the physical sciences.
|2|

There are two types oI economic classes known as positive economics and normative economics. They are both
diIIerent in their relations to economics. Positive economics Iocus on "what is," whereas normative economics
Iocus on "what ought to be." It could also be said that positive economics are based on Iacts, whereas normative
economics are based on opinions.
Positive economics are scientiIic economics. They are used to predict and determine the impact oI changes in
prices, supply, demand, and other variables on the economy. They can be statistically investigated, tested,
veriIied, and analyzed Ior correctness, accuracy, and useIulness. An example oI a positive economic statement
would be: "II gas prices rise, people will buy less gas."
Normative economics are judgmental economics. They are based on the preIerences and philosophical views oI
the individual. Normative economics are simply used to express an individual's view oI what an economic
situation should be. They cannot be tested Ior conIirmation or disapproval since they are merely based on a
matter oI opinion and not statistical Iacts. An example oI a normative economic statement would be: "Gas
prices are too high." Rephrased, you could also say: "Gas prices should be lower."
In economics, a ood is something that is intended to satisIy some wants or needs oI a consumer and thus has
economic utility. It is normally used in the plural Iormoodsto denote tangible commodities such as
products and materials
An intanible ood is a good that is intangible, meaning that it can not be touched, as opposed to a physical
good. In an increasingly digitized world, intangible goods play a more and more important role in the economy.
Virtually anything that is in a digital Iorm and deliverable on the Internet can be considered an intangible good.
A piece oI music, a picture, or an article downloaded Irom the Internet are all examples oI intangible goods. In
ordinary sense, an intangible good should not be conIused with a service since a good is an object whereas a
service is a labor. So a haircut is a service, not an intangible good.
Consumer oods are Iinal goods speciIically intended Ior the mass market. For instance, consumer oods do
not include investment assets, like precious antiques, even though these antiques are 1inal oods.

Read more: http://www.answers.com/topic/consumer-goods#ixzz1dcvTeiBo
A capital ood, or simply capital in economics, is a manuIactured means oI production.
|1|
Capital goods are
acquired by a society by saving wealth which can be invested in the means oI production.
Luxury oods are products and services that are not considered essential and associated with aIIluence.The
concept oI luxury has been present in various Iorms since the beginning oI civilization. Its role was just as
important in ancient western and eastern empires as it is in modern societies.
|1|
With the clear diIIerences
between social classes in earlier civilizations, the consumption oI luxury was limited to the elite classes.
In economics, a durable ood or a hard ood is a good that does not quickly wear out, or more speciIically,
one that yields utility over time rather than being completely consumed in one use. Items like bricks or
jewellery could be considered perIectly durable goods, because they should theoretically never wear out. Highly
durable goods such as reIrigerators, cars, or mobile phones usually continue to be useIul Ior three or more years
oI use,
|1|
so durable goods are typically characterized by long periods between successive purchases.
Examples oI consumer durable goods include cars, household goods (home appliances, consumer electronics,
Iurniture, etc.), sports equipment, and toys.
Nondurable oods or so1t oods (consumables) are the opposite oI durable goods. They may be deIined either
as goods that are immediately consumed in one use or ones that have a liIespan oI less than 3 years.
Examples oI nondurable goods include Iast moving consumer goods such as cosmetics and cleaning products,
Iood, Iuel, oIIice supplies, packaging and containers, paper and paper products, personal products, rubber,
plastics, textiles, clothing and Iootwear.