For something like that you'll want to try out the Spin function.

Split your 3d view into two windows.

With the cursor in one screen press NUMPAD 7   (top view)

With the cursor in the second 3d viewport press NUMPAD 1 (front view)

In front view press SPACE>ADD>MESH>PLANE

TAB into Edit mode and delete the vertexes.

Starting on the Z Axis (vertical blue line in front view) place vertexes using CTRL+LMB to create the profile of the goblet ending back at the Z axis.

Under Mesh Tools tab change the Degr. field to 360.

Press the Spin button then left click with the cursor in the top view pane. The profile you created will revolve around the cursor a full 360 degrees creating 9 divisions in the revolved mesh. (The number of divisions can be altered just keeping it simple and using mostly defaults for illustration.)

You will note that the 9th instance is highlighted. You will want to ALT+SHIFT+RMB near one of the selected vertexes to select the original instance also then under Mesh tools click the Rem Doubles button.

Select all the vertexes and press the set smooth button. You will also probably want to use the subdivide modifier.