Economic and Free goods
Economic and Free goods
In today’s world it can be difficult to distinguish between Economic and Free goods. Water is a perfect example of something which can be considered both Economic and Free good. Water is not a man made product and we do not have to employ any resources so it would be considered a Free good, but on the water in a mineral bottle would be considered to be a Economic good because certain cost is being incurred to purify the water and after the resources are employed on the Free good it becomes Economic good.
