The following are examples of economic goods except
ECONOMICS
WAEC 2010
The following are examples of economic goods except
- A. bottled water
- B. air
- C. household utensils
- D. shelter
Correct Answer: B. air
Explanation
An economic good is a good or service that has a benefit (utility) to society. Also, economic goods have a degree of scarcity and therefore an opportunity cost. This is in contrast to a free good (like air, sea, water) where there is no opportunity cost.
Air is a free good and not an economic good
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