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

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)