Economic Goods

Friday, January 13, 2017

Goods are any tangible thing which satisfies human wants. On the other hand, services are any activity which satisfies human wants. Goods include both Free Goods and Economic Goods.

Economic Goods
Ø  They are made by man
Ø  They are scarce
Ø  They are paid for by consumers
Ø  Examples include; motor cars, pens, books etc

Economic goods are further divided into two. They are consumer goods and producer (capital) goods.
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