Explain the term economic good - Leaving Cert Economics - Question 6 - 2011
Question 6
Explain the term economic good.
Circle the two examples of economic goods from the list below.
Explanation:
It is a good which is SCARCE / commands a PRICE, is T... show full transcript
Worked Solution & Example Answer:Explain the term economic good - Leaving Cert Economics - Question 6 - 2011
Step 1
Explain the term economic good
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Answer
An economic good is defined as a good that:
Scarcity: It is not abundantly available and is therefore limited in supply.
Price: It commands a price in the market, which reflects its scarcity and demand.
Transferable: It can be owned and transferred from one person to another.
Utility: It provides satisfaction or utility to the consumer, addressing a need or want.
Step 2
Circle only two of these:
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Answer
From the list provided, the two examples of economic goods are:
Cars: They are scarce, command a price, and offer utility.
Food: It is also scarce, has a price, and provides essential utility.
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