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Economics a commodity or service that satisfies a human need



in ethics and philosophy, that which includes definite positive meaning. In philosophy the question of good was posed in attempts to explain the meaning of existence and human life and was treated as the problem of the greatest good (summum bonum in Latin, a term introduced by Aristotle); this greatest good determined the relative value of all other goods. The Greek philosophers viewed the greatest good as happiness— “eudaemonia” —the exact meaning of which was defined in various ways by representatives of different schools. For example, the Cyrenaics and Epicurus defined it as pleasure, the Cynics as abstention from passion, and Aristotle and the Stoics as virtue (in the sense of the supremacy of the higher and more rational forms of nature over the lower). Plato considered “the good” to be “the one” which is the basis of all existence. Aristotle distinguished three kinds of good: corporeal (health, strength), external (wealth, honor, glory), and spiritual (intelligence, moral virtue). In the Middle Ages, scholasticism attempted to rework the ideas of the ancient philosophers in terms of the principles of Christian theism. The result was the identification of the greatest good with god, the source of all good and the ultimate goal of human aspiration.

New European philosophy emphasized the role of the subject in determining any sort of good. T. Hobbes and B. Spinoza said that the good is that for which man is striving, that which he needs. Another development which was characteristic of new European ethics was the utilitarian interpretation of good, which reduces it to the idea of usefulness. Kant distinguished the supreme good from the absolute good. The former is good will and moral virtue; and latter requires that virtue be combined with happiness. Thereafter the concept of the good gradually lost its significance and, from the middle of the 19th century was replaced by the concept of value.

In the narrower and specifically ethical sense of the word, the concept of good is opposite to that of evil.


Material goods Economists consider material goods from two different points of view: in terms of their usefulness (their capacity for satisfying a particular human need) and in terms of how much man has contributed to their production. Accordingly, there are two kinds of value—use value and exchange value. Material goods are usually considered to include consumer goods (services as well as wares) which satisfy a great variety of human needs.


References in periodicals archive ?
I've never been in the Crucible before and haven't even seen the film with Daniel Day Lewis, who plays John Proctor,'' says Storry, who good-humouredly recalls that infamous time he last met Day Lewis as that ``shoulder part''.
But Aled, 27, is not bitter: "I suppose we have got one important thing in common - we both made our debut in a dress," he says good-humouredly.
When the audience asked for requests he held up his own song board and good-humouredly pointed out that if it wasn't on it then he wasn't going to do it.
99 was a tremendous end to the evening with a tender adagio and a rollicking finale, tangy narrow-bore trumpets to the fore, and a false ending that caught the audience out good-humouredly.
AS LANCASHIRE and Yorkshire struggled for bonus points in the rain-wrecked Roses match at Old Trafford yesterday, the more zealous home supporters could argue good-humouredly that the announcement of England's preliminary squad for the inaugural Twenty20 World Championship represented a pleasantly conclusive 4-1 victory for cricketers west of the Pennines.
Nevertheless, witnessing most of one of our city's minority communities good-humouredly queuing for hours in the cause of their home country's pubescent democracy would be moving in any circumstances.
Even when they passed the establishments against which they entertained grievances they failed to raise the proverbial ironical cheers, but waved good-humouredly to the workers still at business.
You were trying, patiently, doggedly, good-humouredly, to broaden our horizons.
We don't do anything fancy, just keep training the way we've always trained," he says, good-humouredly shedding all the light of a ten-watt bulb on the subject, hinting at a hinterland of accumulated wisdom with the tantalising throwaway line "I might make it sound simple but it's absolutely not".
Pandit Ram Narayanji asks good-humouredly as we settle into what promises to be a rich and insightful interview with a Master who has many admirers but few equals.