Economic goods are : Goods that are scarce.
What is economic goods?
Economic goods are goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price. This type of goods create benefit to the lives of the people who consume them.
What the above means is that economic goods are goods that can be used to satisfy human wants and needs. Although they are scarce, the benefits are more important to human satisfaction.
Hence, economic goods are goods that are scarce.
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