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:
How do you prepare an income statement?
A: To prepare an income statement, first gather together sales and cost of goods sold data to determine business profits, and then gather the operating expens... Full Answer >Filed Under: -
Q:
What is profit maximization?
A: In economics, profit maximization refers to the process by which a business assesses the price and output of goods in order to ensure the greatest profit. ... Full Answer >Filed Under: -
Q:
How do I calculate profit and loss?
A: To calculate profit and loss, evaluate revenue, cost of goods sold and the expenses incurred, then subtract cost of goods sold and expenses from sales. A p... 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:
