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Calculate the opportunity cost from E to A
4 million guns
Which of the following movements would represent economic growth?
From Z to V
What kind of good is the thing on the man's hand?
Private good
Why free goods have zero opportunity cost
Because consumption is not limited by scarcity
When good is rival?
when only one person can consume it and in doing so the good is not available for other consumers
When good is excludable?
When other consumers can be prevented from using or consuming it
What are the two characteristics used by economists to determine the type of goods?
Excludability and rivalry
What is shown in the image
Classification of goods
The fundamental economic problem of scarce resources in relation to unlimited wants only arises in situations where economists are dealing with...
Private goods
Non-excludable and non-rival
Public good
Non-rival and excludable
Quasi-public good
Non-excludable and rival good is...
Quasi-public good
What good it will be if it is excludable and rival?
Private good
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