Final answer:
In economics, goods are commodities, services, and systems that fulfill the wants or needs of people. They can be categorized as private or public, and further as durable or nondurable. The products and structures in an economy reflect the nation's production capacities and consumer demands.
Step-by-step explanation:
Economists define goods as commodities, services, and systems that are designed to fulfill the wants or needs of people. There are various kinds of goods, including private goods and public goods. Private goods, like homes and clothing, can be owned and are excludable by means of price, while public goods, such as air and water, are non-excludable and nobody owns them. Goods are often categorized into durable goods like cars and refrigerators, which have long useful lives, and nondurable goods such as food and clothing, which are consumed more quickly.
When looking at the economy, goods can be further broken down into categories such as structures--which span homes to factories--and inventory, which includes products not yet sold. Economies produce a range of goods that satisfy consumer needs and wants, and the configuration of these goods is a reflection of both a nation's production capacity and its economic demands.