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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 ?
John had a knack for making good magazines and good friends.
Choosing snacks that help you stay satisfied is an important part of making good food choices throughout the day," says Jeff Johnson, senior brand manager and nutritionist for Kashi.
Tenders are invited for Making good the deficiency of 1380 lig house of gh-4, sector-28, rohini handed
he is making good progress since his life-saving surgery but Mayo Cat Rescue chairwoman Maureen O'Malley-Gibbons appealed to cat owners to take note.
Summary: Simon Cowell is said to be making good progress in uncovering the identity of the person who claimed Britain's Got Talent is fixed.
Making Good calls on the public to suggest reparation work they would like to see carried out in their area by visiting the Making Good page of the YJB website.
Reo-Coker's former West Ham team-mate Marlon Harewood is also making good progress with his broken foot.
McPhail is ruled out with two cracked ribs, but is making good progress and is hopeful he will be available for the home match against Boro.
Youth Offending Teams across north west England will take part in the first official programme, Making Good, allowing members of the public to propose local work for young offenders.
Inspectors said standards were rising and children were making good progress thanks to good teaching and good school management.
With many of the boats ahead of them having to make stops in Madeira, Spain, and the Canaries to carry out repairs, Mr Hobson and Mr Newman were making good progress getting back into the race.
The Countess of Wessex and her baby daughter are making good progress, Buckingham Palace said today.