What is the difference between an economic good and a free good?
In this regard, what are free goods in economics?
free good. Item of consumption (such as air) that is useful to people, is naturally in abundant supply, and needs no conscious effort to obtain it. In contrast, an economic good is scarce in relation to its demand and human effort is required to obtain it. See also free merchandise.
Subsequently, question is, what is the opportunity cost of a non economic free good? A free good is a good that is not scarce, and therefore is available without limit. A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good.
Beside above, what is an example of an economic good?
Food, clothing and housing are all examples of economic goods. There are other types of goods which is also essential for living. They can not be called economic goods as they are free gifts of nature like water, air, sand in the river bed and similar other things. Two basic economic goods are labor and capital.
Is Fresh Air a free good?
Goods are things which are good for human use i.e they contain some utility and benefit. Both free goods and economic goods have utility for human beings, however, free goods such as sunshine, fresh air are available in abundance and a price for them can not be charged.