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 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 is a gross profit ratio equation calculated?
A: The gross profit ratio is calculated by dividing a firm’s gross profit figure by its net sales (revenue minus the cost of goods sold). The equation is a st... Full Answer >Filed Under: -
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 fair market value?
A: According to the Internal Revenue Service, fair market value can be calculated based on the current selling price of the property, the price of comparable ... Full Answer >Filed Under:
