Goods are items that people use to satisfy their needs and wants. They can be either physical or intangible. Physical goods are things like food, clothing, and furniture. Intangible goods are services such as haircuts, massages, and car repairs.
People use money to buy goods. Money is a tool that allows people to trade one good for another. For example, someone may trade their labor (a service) for money so they can buy food (a physical good). Or someone may sell their car (a physical good) so they can buy a new house (another physical good).
When people talk about the economy, they are usually referring to the production and exchange of goods in a society. The economy is important because it helps determine how well people meet their needs and wants.
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