Question
All of the goods which are scarce and limited in supply are called
Answer: Option A
Answer: (a)
In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility.
An economic good is a consumable item that is useful to people but scarce in relation to its demand so that human effort is required to obtain it.
In contrast, free goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them.
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Answer: (a)
In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility.
An economic good is a consumable item that is useful to people but scarce in relation to its demand so that human effort is required to obtain it.
In contrast, free goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them.
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