Those things that possess both utility and scarcity are called:
A)economic goods
B)free goods
C)intermediate goods
D)luxuries

Name: Those things that possess both utility and scarcity are called: A)economic goods B)free goods C)intermediate goods D)luxuries
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Question

Quizplus · Accepted Answer

Economic goods are defined as items that possess utility (they satisfy a want or need) and are scarce in relation to their demand, which means they have a non-zero cost to acquire.

Those Things That Possess Both Utility and Scarcity Are Called