Solve this multiple-choice question and choose the correct option.

Introductory economics: What are “economic goods”? Choose the option that best captures the defining characteristics of economic goods in microeconomics.

General Knowledge Basic General Knowledge Difficulty: Easy

Choose an option

Goods that are scarce and have positive opportunity cost (command a price)
Goods available in unlimited supply at zero price (free goods)
Goods produced only by the government
Goods that provide no utility

Answer

Correct Answer: Goods that are scarce and have positive opportunity cost (command a price)

Explanation

What is being asked?The precise definition of economic goods.

Given data

Keyword: scarcity and cost

Concept/ApproachIn microeconomics, economic goods are scarce relative to wants; acquiring/using them entails an opportunity cost, so they typically carry a positive market price.

Step-by-step reasoning1) Scarcity → choices must be made.2) Choices imply foregone alternatives → opportunity cost > 0.3) Market manifestation → positive price (in competitive markets).

Common pitfallsConfusing free goods (abundant, price ≈ 0) or public-sector output with the broader economic-good concept.

Final AnswerGoods that are scarce and have positive opportunity cost (command a price)