Question

Differentiate between Free and Economic goods

Answer 1

Explanation:

An economic good is a good or service that has a benefit (utility) to society. This is in contrast to a free good (like air, sea, water) where there is no opportunity cost – but abundance. ...

Answer 2

Explanation:

An economic good is a good or service that has a benefit (utility) to society. This is in contrast to a free good (like air, sea, water) where there is no opportunity cost – but abundance. ...

Free goods are 'goods', whether consumer goods or productive inputs, which are useful but not scarce; they are in sufficiently abundant supply that all agents can have as much of them as they wish at zero social opportunity costs