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This video is all about the ‘Types of Goods’ taken from the first chapter called ‘Basic Concept of Economics and Distribution of Resources’. The various types of Goods are
Normal Goods:
A normal good is a good that experiences an increase in its demand due to a rise in consumers' income. Normal goods have a positive correlation between income and demand. Examples of normal goods include food staples, clothing, and household appliances.
Inferior Goods:
Inferior goods are the opposite of normal goods. Inferior goods are goods that see their demand fall as consumers' incomes rise. In other words, as an economy improves and wages rise, consumers would rather have a more costly alternative than inferior goods. However, the term "inferior" doesn't refer to quality, but rather, affordability.
Giffen Goods:
Giffen goods are rare forms of inferior goods that have no ready substitute or alternative such as bread, rice, and potatoes. The only difference from traditional inferior goods is that demand increases even when their price rises, regardless of a consumer's income.
Substitute Goods:
Those goods which are used in place of each other are called substitute goods. In absence of one, another good can be used. They are also called competitive goods. For example, Coca-Cola and Pepsi are substitute goods.
Complementary Goods:
Those goods which jointly satisfied want are called complementary goods. They are either purchased together or used together. For example, Fountain Pen and Ink are complementary goods.
Public Goods:
Those goods which are common to all and owned by society collectively are called public goods. Public goods are the ones which are provided by the nature or the government for free use by the public. For example, roads, bridges, national defense, etc.
Private Goods:
Private good, a product or service produced by a privately owned business and purchased to increase the utility, or satisfaction, of the buyer. The majority of the goods and services consumed in a market economy are private goods, and their prices are determined to some degree by the market forces of supply and demand. For example, land, building, vehicles, etc. are private goods.
Free Goods:
A free good is a good that is not scarce, and therefore is available without limit. A free good is available in as great a quantity as desired with zero opportunity cost to society. free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them.
Economic Goods:
A good is an "economic good" if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it. Economic goods are those which have a price and their supply is less in relation to their demand or is scarce.

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