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11 November, 01:26

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

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  1. 11 November, 01:56
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    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.
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