Goods such as air and sunlight, which are abundant and command no pric…

Question

Goods such as air and sunlight, which are abundant and command no price, are termed:

Accepted Answer

B. Free goods

1. Free goods are abundant in supply, have no scarcity, and need no cost to obtain.
2. Air and sunlight are given as the textbook examples of such goods.
3. Hence these are free goods.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 4 Unit I "Meaning and Types of Markets", p.1_

Answer

Economic goods

Answer

Factor goods

Answer

Spot goods

Goods such as air and sunlight, which are abundant and command no price, are termed:

Keep practising Unit 1A: Scarcity, Choice and Opportunity Cost