1. Things people prefer to consume more of rather than less: thus leisure and security are goods, while pollution is a bad.

2. Economic assets taking a tangible physical form, such as houses or clothes. These are contrasted with services, such as transport, which cannot be stored, or insurance, which has no physical embodiment. Some economic goods in sense 1, such as restaurant meals, are combinations of services and goods in sense 2. See also capital goods; consumer goods; final goods; free good; Giffen good; homogeneous good; inferior good; intermediate good; merit goods; normal good; producer good; public good.