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Economic goods is…?
An economic good is a product or service that commands a price, derives utility and is transferable
Price
It must command a price, the good must be scarce in relation to the demand for it
Utility
The amount of benefit or satisfaction derived from the consumption of a good or service, the good must provide satisfaction, consumer wont demand something that won’t bring satisfaction
Transferable
Ownership or benefit must be capable of being given from one person to another
What are the characteristics of economic goods?
Price, Utility, Transferable
Note 
Flashcard (39)