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Chapter 1: Q.22 (page 25)

Can you think of any examples of free goods, that

is, goods or services that are not scarce?

Short Answer

Expert verified

Sunlight, Air, Water, Thoughts are a few examples of free goods.

Step by step solution

01

Step 1. Free goods-

Goods with zero opportunity cost considered as Free goods. Goods that are present in abundance, and have no opportunity cost are free goods.

02

Step 2.Concept

This means it can be consumed in the quantity as needed without compromising its availability to others.

Example - Sunlight is for all.

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Most popular questions from this chapter

Suppose America decide to save more of their incomes. If banks lend this extra saving to business that use the funds to build new factories, how might this lead to faster growth in productivity? Who do you suppose benefits from higher productivity? Is society getting a free lunch?

What are three reasons to study economics?

Can you think of ways that globalization has

helped you economically? Can you think of ways that it

has not?

International trade benefits a nation when

  1. Its revenue from selling abroad exceeds its outlays from buying abroad.
  2. Its trading partners experience reduced economic well-being.
  3. All nations are specializing in producing what they do best.
  4. No domestic jobs are lost because of trade.

What items would you include to figure out the opportunity cost of a vacation to Disney World?

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