2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Loaf of bread
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Taxi service
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The bus
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Education
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Detailed explanation-1: -Private good: The opposite of a public good which does not possess these properties. A loaf of bread, for example, is a private good; its owner can exclude others from using it, and once it has been consumed, it cannot be used by others.
Detailed explanation-2: -The goods which are consumed by a consumer to satisfy his want is known as consumer goods, while goods used in a production process are intermediate goods. Hence, bread can either be a consumer good or an intermediate good based on its use.
Detailed explanation-3: -Some common examples of goods include food, clothing, cars, electronics, and furniture. The other main category of economic value is services.
Detailed explanation-4: -Consumers’ Goods: Consumers’ goods are those final goods which directly satisfy the wants of consumers. Such goods are bread, milk, pen, clothes, furniture, etc.