Question
Define goods. Explain 'free goods' and 'economic goods' with examples.

Answer

Goods refer to all desirable things material goods or non-material goods that satisfy human wants.
Or
Goods are things which are produced to be sold.
Economic Goods
Economic goods are those that are scarce in relation to demand and require resources to produce. They are bought and sold in the market.
Examples : Food, clothing, cars, electronics and furniture etc. are all economic goods because they are limited in supply and require effort and resources to produce.
Free Goods Or Non-Economic Goods
Free goods are resources that are abundant and available without any price.
Examples : Air, sunlight, and seawater are often considered free goods because they are generally available to everyone without direct payment.

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