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Economics glossary · The economic problem

Economic good

What economic good means in economics, as one of economic goods and free goods, with an example and a question to test yourself.

Definition
Economic good
An economic good is one that is scarce, because making more of it uses resources that could have produced something else, so it has an opportunity cost.
Example

Can you think of an example of economic good?

Test yourself

Can you name the two kinds of good, one scarce and one not?

Learn it properly: the module

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