A typical economic good has which one of the following characteristics?

Question

Quizplus · Accepted Answer

A typical economic good is characterized by scarcity, meaning that the desired quantity exceeds the quantity available at a zero price. This makes it necessary to allocate resources and make choices about production and consumption. Option B is incorrect because if the quantity available exceeds the desired quantity at a zero price, the good is not scarce and does not require economic choices. Option C is incorrect because all goods use resources to produce, even if they are not physical resources like labor or materials. Option D is incorrect because economic goods are scarce by definition, meaning that they are not always available in unlimited quantities.

A Typical Economic Good Has Which One of the Following