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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 ?
In many valuations, for practical reasons not all these elements are separately valued but may sometimes be included to varying degrees in goodwill which is determined using a variation upon capitalized earnings or market indications of the business value from which various deductions are made to arrive at goodwill which can then be allocated between personal and enterprise.
Goodwill Industries of Southwest Florida is committed to serving people with disabilities and disadvantages by offering life-changing opportunities to achieve independence.
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 graphic on page 54 captures the evolution of goodwill in the study from 2008 through 2012 to aid in assessing goodwill and goodwill impairment trends over time.
In 2008, Goodwill Industries of Arkansas provided 1,068 people with career services and placed 89 in jobs.
Retain goodwill indefinitely as an asset until it is evident that a reduction in value has occurred.
Generally, goodwill equals the purchase price less the fair value of the tangible net assets.
The main bank of Goodwill Group reportedly planned to sell more than 100 billion yen in loans.
This new alliance will really expand our existing electronics recycling program and further Goodwill's mission at the same time," Mike Rowan, CEO of Goodwill Industries of San Diego County, says.
Last year, Goodwill packaged more than 4 million CDs and produced 8,500 wooden pallets for Sony.
Likewise, the people at Goodwill Group, Origuchi's outsourcing firm specializing in routine temp work and home nursing care for the aged, claim that the company had only a couple of bad years as it launched a new business in the new market of home nursing.