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Question
Economic goods are ______.
Options
useful to people but scarce in relation to their demand
not scarce and are available as desired
not freely available
Both useful to people but scarce in relation to their demand and not freely available
MCQ
Fill in the Blanks
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Solution
Economic goods are both useful to people but scarce in relation to their demand and not freely available.
Explanation:
Economic goods are defined as goods that are useful to people but are scarce in relation to their demand, meaning they are not freely available.
This scarcity relative to demand makes these goods valuable and differentiates them from free goods that are abundantly available without cost.
Hence, economic goods are both useful and scarce or not freely available.
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