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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 ?
About Goodwill Industries International Goodwill Industries International is a network of 165 community-based member organizations in the United States and Canada with a presence in 13 other countries.
In holding for the taxpayer, the court found that Bross Trucking had no corporate goodwill at the time of the alleged distribution, that Bross's goodwill constituted all of Bross Trucking's goodwill, and that Bross did not transfer any of his goodwill to the company.
The opportunity to write off goodwill over a shorter period of time provides tax benefits but H M Revenue & Customs will look closely and consider what is "reasonable".
IFRS refers to testing of goodwill at the CGU or group of CGUs' level, but requires that the level be the lowest at which goodwill is managed for internal management purposes, with the further requirement that it cannot be larger than a segment under IFRS definitions.
Any value remaining after allocating the purchase price to the FMV of the assets goes to goodwill.
That's been a challenging mandate; many of the companies Goodwill has contacted have responded to the national economic slowdown by cutting back production, and there is less demand for packaging, he said.
Outsourcing makes up more than 60 percent of the Goodwill Group's sales.
For the first time, it is possible, in an asset acquisition for example, that goodwill is deductible for tax purposes but not amortizable for financial accounting purposes," writes Giannini.
For CPAs, Petrone said, the two most important aspects of the new guidance are refinements in the purchase method and the complete revamping of the provisions relating to accounting for goodwill.
The Statement on Goodwill and Intangible Assets (which replaces APB Opinion No.
Tucker met friend Alice Herrera at the Goodwill store the day she found a prize - a giant stuffed Winnie the Pooh.
While statistically we cannot make valid conclusions regarding the experience of Goodwill organizations overall due to our relatively low rate of response, we felt that the information collected offered a valuable resource and a basis for further investigation.