Distinguish between free goods and economic goods
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Free goods are available in nature and in abundance.man doesnt need to incur any expenditure to own them.For eg.air n sunlight
whereas economic goods are not availble in plenty.they are scarcely available.so man has to spend money to use them.
For eg.a free lunch is given to labours but it is paid at total by his management.
#hopes it helps....^_^
whereas economic goods are not availble in plenty.they are scarcely available.so man has to spend money to use them.
For eg.a free lunch is given to labours but it is paid at total by his management.
#hopes it helps....^_^
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