When speaking correctly should good or well be used?

Question

example: I am well. or I am good.
I think it is well.

It is well

Thanks because my old English teacher said well but my new one said good.

It depends on how you're using the word -- as an adjective or as an adverb.

"I am good" (adjective) means that I do something well.

"I am well" (adverb) means that I feel fine.

=)