What are the characteristics of economics goods?

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5 Terms

1
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Economic goods is…?

An economic good is a product or service that commands a price, derives utility and is transferable

2
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Price

It must command a price, the good must be scarce in relation to the demand for it

3
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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

4
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Transferable

Ownership or benefit must be capable of being given from one person to another

5
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What are the characteristics of economic goods?

Price, Utility, Transferable