F3 - SEM1 - Economic Good and Free Good - 1C

Question 1

What is the definition of good?

1C Economic Good and Free Good

Answer 1

A good is something satisfy human wants

Definition of good

1C Economic Good and Free Good

Question 2

What is an economic good?

1C Economic Good and Free Good

Answer 2

a good which its quantity is insufficient to satisfy human wants

Definition of economic good

1C Economic Good and Free Good

Question 3

What is a free good?

1C Economic Good and Free Good

Answer 3

a good which its quantity is sufficient to satisfy human wants

Definition of free good

1C Economic Good and Free Good

Question 4

What are the features of economic goods?

1C Economic Good and Free Good

Answer 4

have scarcity, insufficent to satisfy human wants
more is preferred to less
want more of it
cost is needed to obtain it
cost is needed to product it

Features of Economic Goods

1C Economic Good and Free Good

Question 5

What are the features of free goods?

1C Economic Good and Free Good

Answer 5

no scarcity, sufficient to satisfy human wants
some is preferred to none
don’t want more of it
cost is not needed to obtain it
cost is not needed to product it

Features of Free Goods

1C Economic Good and Free Good

Question 6

What is Economic Goods also called?

1C Economic Good and Free Good

Answer 6

Scarce Goods

Economic Goods is also called

1C Economic Good and Free Good

Question 7

True or False?

A good free of charge cannot be an economic good

1C Economic Good and Free Good

Answer 7

False
Even the good is free of charge, its quantity may not be sufficient to satisfy human wants

1C Economic Good and Free Good

Question 8

True or False?

A good can be economic good or free good in different situation

1C Economic Good and Free Good

Answer 8

True
Depends on the quantity is enough to satisfy human wants or not in that situation

1C Economic Good and Free Good