ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -economic products designed to satisfy people’s wants and needs. they end up being used by the individual. Land, capital, labor and entrepreneurs. Resources required to produce the things we would like to have.

Detailed explanation-2: -Goods are products and resources that satisfy people’s needs and wants.

Detailed explanation-3: -Consumer goods are products bought for consumption by the average consumer. Also called final goods, consumer goods are the end result of production and manufacturing. Clothing, food products, and dishwashers are examples of common consumer goods.

Detailed explanation-4: -A good is an “economic good” if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them.

Detailed explanation-5: -Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity. Because people have differing economic wants, they purchase a wide variety of goods and services or choose to “consume” differing amounts of leisure time.