Q:
What is a non-economic good?
A:
Quick Answer
Non-economic goods are goods or services that are plentiful and free. Air and dirt are considered non-economic goods since they are neither scarce nor valuable.
Continue ReadingFull Answer
There is much debate over the value of goods such as food, shelter and health care. While these are economic goods, many argue that necessities for basic survival should be free. Endangered plant and animal species are also debatable resources. Endangered plant species with medicinal benefits are economic goods since they are beneficial to humans. Many endangered animal species, on the other hand, may be considered non-economic goods if they have little or no value to humans.
Learn more about Financial CalculationsSources:
Related Questions
-
Q:
What is the Consumer Price Index?
A: The Consumer Price Index is a statistic that measures the change in the cost of goods and services bought by households throughout the United States. It is... Full Answer >Filed Under: -
Q:
How do you calculate inventory turnover?
A: To calculate inventory turnover, divide the cost of goods sold by average inventory for the quarter or for the year. Use this information to determine if i... Full Answer >Filed Under: -
Q:
How do you calculate revenue?
A: Business owners calculate gross revenue by multiplying the quantity of goods or services sold during a specific period by the sales price for each item, as... Full Answer >Filed Under: -
Q:
How do you calculate the cost of living index?
A: A cost-of-living index is calculated from price data for goods and services in two or more cities. The cost of living in the base city is expressed as 100.... Full Answer >Filed Under:
