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Answer Briefly the Following Questions : Distinguish Between Economic Goods and Free Goods. - Sociology

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Question

Answer briefly the following questions :

Distinguish between economic goods and free goods.

Short Note

Solution

An economic good is a consumable item that is useful to people but is scarce in relation to its demand, so the human effort is required to obtain it. On the contrary, free goods (such as air) are naturally available in abundance and need no conscious effort to obtain them.

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Economic Organisation
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2015-2016 (March) Set 1
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