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 inventory turnover ratio?
A: The inventory turnover ratio is a formula that displays how many times inventory is replaced over a period of time by dividing cost of goods sold over aver... Full Answer >Filed Under: -
Q:
How do you calculate labor productivity?
A: According to the Bureau of Labor Statistics, labor productivity is a measure of the efficiency of the labor used in the production of goods for a nation or... 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:
What does GDP measure?
A: GDP, or gross domestic product, is a way to measure a country's economy by adding up the total amount of all services and goods produced within that countr... Full Answer >Filed Under:
