IB Economics 1.0 / 5 based on 2 ratings ? EconomicsCompetitive MarketsInternational BaccalaureateAll boards Created by: RandyCreated on: 08-04-13 02:54 Foundations of Economics (1) Define, give examples of, and distinguish between, goods and services; needs and wants; economic goods and free goods Economic good: a good in which opportyunity costs are involved in consumption and are relatively scarce ex.: fresh food, clothing, cars Free good: a good in which no opportunity cost is involved in consuption and is not relatively scarce ex.: air, salt water Need: good necessary for survival; Want: good necessary for enjoyment Goods: physical objects that are capable of being touched vegetables, motorcars Services: intangible things that cannot be touched repairs 1 of 1
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