Which of the following is the correct meaning of a ‘good’ in economics? A. A good is an item that satisfies the needs and wants of customers B. A good is an item that looks appealing to the customers C. A good is an item that does not look appealing to the customers D. A good that is appealing for customers
Question
Which of the following is the correct meaning of a ‘good’ in economics? A. A good is an item that satisfies the needs and wants of customers B. A good is an item that looks appealing to the customers C. A good is an item that does not look appealing to the customers D. A good that is appealing for customers
Solution
The correct answer is A. A good is an item that satisfies the needs and wants of customers. In economics, a 'good' is a material that satisfies human wants and provides utility. It is not necessarily about the physical appearance of the product, but rather its ability to satisfy a customer's need or want.
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