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Consumption Analysis | Economics - Classification of Goods | 11th Economics : Chapter 2 : Consumption Analysis

Chapter: 11th Economics : Chapter 2 : Consumption Analysis

Classification of Goods

Goods are broadly classified into three categories.

Classification of Goods

 

Goods are broadly classified into three categories.



 

Necessaries

 

Goods which are indispensable for the human beings to exist in the world are called “Necessaries”. For example, food, clothing and shelter.

 

Comforts

 

Goods which are not indispensable for life but to make our life easy, convenient and comfortable are called “Comforts”. Example: TV, Fan, Refrigerator and Air conditioner.


 

Luxuries

 

Goods which are not very essential but are very costly are known as “Luxuries”. Example: Jewelry, Diamonds and Cars. However, for people with higher income they may look necessaries or comforts.

 

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