What Is a Economic Good?


An economic good is a consumable item that is useful to people but scarce in relation to its demand. As such, human effort is required to obtain this kind of a good. In contrast, free goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them.
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Ask.com Answer for: what is a economic good
economic good
a commodity or service that can be utilized to satisfy human wants and that has exchange value.
Source: Dictionary.com
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