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History
Goods
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In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable.
Tangible goods stacked in a warehouse
Tangible goods stacked in a warehouse
Economics
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Economics is a social science that studies the production, distribution, and consumption of goods and services.
A 1638 painting of a French seaport during the heyday of mercantilism
A 1638 painting of a French seaport during the heyday of mercantilism
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
John Maynard Keynes was a key theorist in economics.
John Maynard Keynes was a key theorist in economics.