Free goods are goods that are not scarce and have zero opportunity cost because their availability is abundant
Tag: basic economic ideas
public goods
Public goods are goods or services that are both non-excludable and non-rivalrous. Because individuals cannot be prevented from
market economy
A market economy is an economic system in which decisions about production and consumption are driven by the
mixed economy
A mixed economy is an economic system that combines elements of both market and planned economies. In this
production possibility curve
A PPC shows an economy’s maximum output of two goods when using all of its resources.
demerit goods
Demerit goods are products or services that are considered to be harmful or less beneficial to consumers than
planned economy
In a planned economy, the government owns and controls most or all productive resources. Economic decisions, such as
merit goods
Merit goods are goods and services that are considered beneficial for individuals and society, often more than consumers
private goods
Private goods (economic goods) are defined by two key properties: rivalry and excludability. economic goods that are consumed
factors of production
The factors of production are the essential inputs required to produce goods and services in an economy. They