Introduction: Goods and services satisfy human wants. Goods also called "Products", "Commodities", "things" etc.
Types of Goods
1. Free and Economic Goods: Free goods are available in nature and in abundance. They do not command a price in the market: (Ex) Air, Sunshine. Economic goods common a price in the market. They are scarce in relation to supply (Ex) T.V, Furniture.
2. Consumer goods and capital goods: Consumer goods directly satisfy human wants (Ex) Table, Chair. Capital goods also called Producers goods do not directly satisfy the consumer wants. They help to produce consumer goods. (Ex) Machinery.
3. Perishable goods and durable goods: Perishable goods are short-lived. Their life span is limited (Ex) Fish, Fruits. Durable and semi-durable goods have a little longer life time than the perishable goods (Ex) TV, Table.

The different types of utility are:
(i) Form utility: An individual consumer obtains utility from a good or service only when it is available in a particular form. Raw materials in their original form may not" possess utility for a consumer. But in their changed forms as they become finished products, they provide utility to him. For example, cotton as a raw material may not possess utility for a consumer; but as it gets a new form as a cloth, it yields the consumer utility.
(ii) Time utility: A sick man derives time utility from blood not at the time of its donation, but only at the operation-time, i.e., when it is used.
(iii) Place utility: A student derives place "utility from a book not at the place of its publication (production centre) but only at the place of his education (consumption centre).
(iv) Service utility: An individual consumer derives service utility from a service made available at the time when he most needs it. For example, clients obtain service utility from their lawyers, patients derive service utility from the doctors and so on.
(v) Possession utility: When a student buys a book or dictionary from a book seller, then only it gives utility.
(vi) Knowledge utility: It is the utility derived by having knowledge of a particular thing. Advertisement serves as a source of information on an object.

The laws of economics are statements of tendencies. Every cause has a tendency to produce some result. The law of gravitation is a statement of tendency.
(i) A statement of tendency: According to the law of demand, when there is a fall in price of good. The demand for it will expand and vice versa. It means there is a tendency among people to buy more, when there is fall in price.
(ii) Laws operate under certain conditions: Basic assumptions are there for economic law to operate, that is called "ceteris paribus" other things remain the same. When some economic laws do not operate, it means that the conditions have changed.
(iii) Not as exact as physical sciences: Law of gravitation is a simple and exact statement. But in economics we deal with human behaviour which is not firm. So economic laws are not as exact as physical sciences.
(iv) Economics laws are complex and inexact: As it deals with human beings and their behaviour. There are exceptions to many laws of economics. It changes to changes times.
(v) All economic laws are based on certain assumptions: Every economic law is governed by certain assumptions. The law will hold good only when the assumptions are satisfied.
(vi) The laws of economies are hypothetical: Unlike physical sciences, economic laws .cannot be verified, by experiment. This is why we says sometimes that economic laws are hypothetical.