a) Free goods – Those things which are given free by nature eg air. Have utility but no economic value.
Economic goods – Those things which are scarce when compared to human wants and human effort required to obtain them. Have utility and economic value (price)
b) Consumer goods – Goods meant for direct consumption and they satisfy economic wants may be perishable or durable.
Produce goods – Goods that help in further production of consumer goods. They assist in production eg machinery.
c) Business Wealth – Goods of value (assets) that belong to a business eg. Premises.
Personal Wealth – Consists of items that belong to an individual person eg clothes, TV, etc.