Economic goods are

Question

Economic goods are

Quizplus · Accepted Answer

Economic goods are goods that are scarce, which means that their quantity demanded exceeds the quantity supplied at a zero price. This scarcity leads to the need for individuals to make decisions about the best use of these goods, which is the defining characteristic of economics. Option A is incorrect because it describes all goods, not just economic ones. Option B is incorrect because it refers to the satisfaction or happiness that individuals derive from goods, rather than the scarcity of the goods themselves. Option D is incorrect because it is not necessarily true that the quantity demanded exceeds the quantity supplied at any price.

Economic Goods Are