Classification of various goods and services with respect to economics:
1. Physical (Tangible) goods and Intangible goods:
(a) Tangible goods:

• Goods that can be touched and seen are known as physical or tangible goods.
• We can measure quantity of these goods.
• Example: Ball, bat, television, refrigerator, stove, mobile phone, etc.

(b) Intangible goods (services):

• Goods (i.e. activities) that cannot be touched and seen are known as services.
• Services neither have physical existence nor can be measured cardinally. Example: Services of education, medical consultancy, music, cooking, etc.

2. Economic goods and non-economic goods:
(a) Economic goods:

• Goods which have an exchange value in the market are called economic goods.
• Such goods command an exchange value since they are scarce in supply compared to their demand. Moreover their supply can be controlled.
• Example: All goods such as metal, sugar, electronics, books, etc.

(b) Non-economic goods:

• Goods which do not have exchange value are called non-economic goods. Such goods are abundant in supply.
• Though these goods are consumed by people they do not pass through the economic process of production and distribution.
• Example: Sunlight and air.

3. Durable goods and Perishable goods:
(a) Durable goods:

• Goods that can be stored and used repeatedly for a long period of time are called durable goods.
• Example: Shoes, clothes, television, refrigerator, etc.

(b) Perishable goods:

• Goods that do not last long and can be consumed only once are known as perishable goods.
• Example: Milk, fruits, meat, etc.

4. Private goods and Public goods:
Based on their ownership and nature of use goods can be classified as private goods and public goods

(a) Private goods:

• Goods that are be possessed and owned by a private individual are called Private goods.
• The owner of the goods takes all decision regarding these goods.
• These goods possess the characteristics of excludability and competitiveness.
• Excludability means, once a good is owned and being used by one individual, another individual cannot possess and use it at the same time.
• In order to obtain ownership of such excludable goods, individuals need to compete.

Example:

• If a child buys a packet of biscuit from the market that has competition among buyers, he becomes the owner of that packet. All other children will be excluded from having the same packet of biscuit.
• Thus, the individual who pays the price gets the good and others cannot have the same unit. For example, one who does not pay price for a mobile phone, does not get it.

(b) Public goods:

• Goods that can be used by many individuals at the same time are called Public goods.
• These goods possess the characteristics of joint demand and collective consumption.
• Such goods are jointly demanded by many people. If one individual uses it the other cannot be excluded from its use and in this way such goods are collectively consumed. Hence these are called public goods.
• These goods are either provided by the government for all or some people pay for it together.

Example:
A public garden or the garden of a housing society, a village well, street lights, etc.

5. Consumers’ goods and Producers’ goods:
Goods can satisfy human wants directly or indirectly.
(a) Consumers’ goods:

• When a consumer consumes a good and the good is capable of directly satisfying a particular want then it is called a consumer good. These goods have passed the final stage of production.
• Example: Cooked food.

(b) Producers’ goods:

• When a good is used at the intermediate stage of production of a final good or when it is purchased by a producer to produce a final good and is not directly consumed by the consumers but the good helps in the production- of a final good then such a good is called a producers’ good.
• Producers’ goods are partly finished goods that work as inputs (such as raw material) in the production of other goods including final goods.

Example:

• Cotton used to make cloth, machines are used in factories to produce garments, a tractor is used in producing food grains, a utensil used to cook food, etc. .
• Producers’ goods satisfy human wants through the final good i.e. indirectly and not directly.