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Definition

An economic term meaning a product with value. Economists talk about the "goods" and services in the economy. A good can be anything from a raw material to a finished product - but it is something which can be bought and sold in a market (formal or informal) and which has value because, directly or indirectly, it satsifes needs and wants within the economy. Money is used as the medium in the economy to exchange for goods in order to satisfy needs and wants. The price paid is a function of the supply and demand for that particular good.

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