2.1.9. Material-Action Classification of Goods.

D.1. Material-Action Classification of Goods: Goods are either formed of material forces of nature, or of useful human actions.

E.1. Menger, after discussing Relations, presents two classifications of goods as follows:

I. Material Goods: Goods formed of material forces of nature such as bread, flour, wheat grain, wheat farm etc.

II. Useful Human Actions and Inactions: Human Actions and Inactions which have good character such as labour of a baker, skills of a farmer, knowledge of a botanist, powers of an agriculture policy maker, and the caution they practice when executing their actions etc.

(See Goods and See Relations for details)

Reference: Menger, Carl (2004). Principles of Economics, Online edition, The Mises Institute, 2004. (Chapter 01 page 55)

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Brainstorming: What is Importance of Attention Direction? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

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