Question

Explain and give an example of any three of the following: good, service, free good, nuisance good, economic good, economic service, free service

Answer 1

Answer: The answer is as follows:

Explanation:

1. Good : Goods refers to an item or material that can be used by the consumer to satisfy their wants and it is tangible in nature. For example; mobile phone, pen, pencil, etc.

2. Service: Service is intangible in nature. Service is provided by the other person which includes medical services by doctors, travelling services, etc.

3. Free good: A free good is a good that is available at a zero price and a good that is not scarce in quantity. For example; ideas, web page, sunlight, etc.