Explain how can we differentiate between Economic goods and Free goods.
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Answer: 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 cannot be traded because nobody living by the sea would buy seawater – there is no point.
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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 cannot be traded because nobody living by the sea would buy seawater – there is no point
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