General Knowledge - Basic General Knowledge - Discussion

There are three types of goods.

Economic good has a positive marginal utility.

How the goods are economical if we are unable to buy? Will you explain me.

According to me, the right answer is B.

Economic goods are the ones whose income gets contributed in GDP whether or not.

Answer for this question should be commodities that are available more as compared to demand, option (C).

Economic goods are those goods which have a price in the market and are made out of scarce resources. For example, pure water is a scarce resource and has a price in the market, hence it is an economic good. Whereas goods like air, nature, etc. are free goods because they are available in abundance and provided to us by the environment and do not have a price and therefore they are not economic goods.

In reference of this question economics goods when the Commodites are limited in compared to demand because commodites is less. Then demand is high then price is also High so Economics is goods.

In economics and accounting, a good is a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product that can be contrasted with a service which is intangible. As such, it is capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer. For example, an apple is a tangible good, as opposed to a haircut, which is an (intangible) service. One usage that preserves the distinction between goods and services by including both is commodity. In microeconomics, a 'good' is often used in this inclusive sense of the word (Milgate, 1987).