Economic goods are defined as
A) tangible items only.
B) services only.
C) anything from which an individual derives satisfaction.
D) any item which is available in sufficient quantity at zero price.

Question

Quizplus · Accepted Answer

Economic goods are defined as products or services that have value and are produced, traded, or consumed in markets. These goods are scarce and have a price attached to them. Anything from which an individual derives satisfaction is an economic good, including tangible items such as cars and houses, services such as haircuts and massages, and intangible items such as software and intellectual property. Option A is incorrect because economic goods can be both tangible and intangible. Option B is incorrect because economic goods include both products and services. Option D is incorrect because economic goods are scarce and have a price, so it cannot be available in sufficient quantity at zero price.

Economic Goods Are Defined as