All tangible things that satisfy people's wants and desires are known as
goods
utility
demand
consumption
The goods which are used in the production of other commodities and which can satisfy human wants indirectly are known as
public goods
private goods
capital goods
Intermediary goods
The goods whose supply is always limited when compared to its demand and have a price are known as
Economic goods
Free goods
Public goods
Capital goods
Which one of the following is a necessary good?
electric fan
T.V.
refrigerator
food
Assertion- Classification of the goods may change depending upon the place, climate, level of income and haits of people.
Reason- Telephone was a luxury in olden days but later it was a comfort. At present Telephone became a necessary good.
Assertion is True, Reason is False.
Assertion is False, Reason is True.
Both Assertion and Reason are True.
Both Assertion and Reason are False.
An example for private good is
motorcycles
clean air
water
sunlight
Which one of the following is an example for free goods?
soaps
house
Goods which are under the process of production and semifinished goods are known as.
Consumer goods
Luxury goods
Match the following
a) Want (i) Raw cotton
b) Private goods (ii) Psychological experience
c) Intermediary goods (iii) clean air
d) Free goods (iv) Economic goods
(a - ii , b - iv , c - i , d - iii)
(a - i , b - ii , c - iii , d - iv)
(a - ii , b - iv , c - ii , d - i)
(a - iv , b - iii , c - i , d - ii)
Which one of the following is an example for capital good?
machinery
