Question

Difference between free good and economic good

Answer 1

Answer:

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 – but abundance.

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Answer 2

Answer:

Economic goods

• Demand is higher than supply and availability
• Requires human efforts for production
• Has a money value or price
• Can be regarded as wealth in economics
• They are not gifts of nature e.g. table,chair, stationery

Free goods

• Are available and abundant in nature
• Does not require human efforts to produce
• Has no money value or price
• Cannot be regarded as wealth in economics
• They are gifts of nature e.g sunlight,air ,water

Explanation:

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