Karim's Work-Leisure Choice (Figure 3.3)

Consumer Good

Economic 'Bads'

Private Good

Classification of Goods by Rivalry and Excludability

Analyzing Non-Market Goods

Based on the economic definition of a 'good' as something an individual values and would like to have more of, which of the following is LEAST LIKELY to be classified as an economic good?

Identifying Economic Goods in a Trade-Off

Applying the Definition of an Economic Good

An economic 'good' is defined as anything that an individual values and would like to have more of, which can include non-physical items. Which of the following lists contains ONLY items that would be classified as economic goods according to this definition?

For an item to be considered an economic 'good', a monetary value must be assigned to it, and it must be available for purchase in a market.

For each item listed, determine whether it fits the economic definition of a 'good' (something an individual values and would like to have more of) or if it is 'not a good'.

Analyzing Trade-Offs to Identify Economic Goods

The Subjective Nature of Economic Goods

A new factory opens, providing much-needed jobs for a community. However, its manufacturing process also produces significant air pollution, negatively impacting the quality of life for residents living nearby. Based on the economic definition of a 'good' as something an individual values and desires more of, which statement best analyzes this situation?