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Which one of the following is an example for a non-economic good?
- a)Doctor's service
- b)Teacher's service
- c)Mother's service
- d)Banker's service
Correct answer is option 'C'. Can you explain this answer?
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Which one of the following is an example for a non-economic good?a)Do...
Mother's service is an example for a non-economic good. Non-economic goods are called free goods because they are free gifts of nature. They do not have any price and are unlimited in supply. Examples of non-economic goods are air, water, sunshine, etc. The concept of non-economic goods is relative to place and time.
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Hence, the correct option is (c).
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Which one of the following is an example for a non-economic good?a)Do...
Non-Economic Good Example: Mother's Service
Mother's service is an example of a non-economic good because it is not exchanged in the market for a price. Here is an explanation of why mother's service falls under this category:
Definition of Economic Good:
- An economic good is a good or service that has a price and is exchanged in the market.
Mother's Service as a Non-Economic Good:
- A mother's service, such as taking care of her children, cooking meals, and providing emotional support, is not exchanged in the market for a price.
- This service is typically provided out of love, care, and duty, rather than for monetary gain.
- It is not treated as a commodity that is bought and sold like other economic goods and services.
Comparison with Other Options:
- Doctor's service, teacher's service, and banker's service are examples of economic goods because they are provided in exchange for a price.
- Doctors, teachers, and bankers receive payment for their services, making them economic goods.
Conclusion:
- Mother's service stands out as a non-economic good due to its nature of being provided out of love and care, rather than for monetary compensation.
- While economic goods have a price and are exchanged in the market, non-economic goods like mother's service are invaluable and cannot be quantified in monetary terms.
Mother's service is an example of a non-economic good because it is not exchanged in the market for a price. Here is an explanation of why mother's service falls under this category:
Definition of Economic Good:
- An economic good is a good or service that has a price and is exchanged in the market.
Mother's Service as a Non-Economic Good:
- A mother's service, such as taking care of her children, cooking meals, and providing emotional support, is not exchanged in the market for a price.
- This service is typically provided out of love, care, and duty, rather than for monetary gain.
- It is not treated as a commodity that is bought and sold like other economic goods and services.
Comparison with Other Options:
- Doctor's service, teacher's service, and banker's service are examples of economic goods because they are provided in exchange for a price.
- Doctors, teachers, and bankers receive payment for their services, making them economic goods.
Conclusion:
- Mother's service stands out as a non-economic good due to its nature of being provided out of love and care, rather than for monetary compensation.
- While economic goods have a price and are exchanged in the market, non-economic goods like mother's service are invaluable and cannot be quantified in monetary terms.
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Which one of the following is an example for a non-economic good?a)Doctor's serviceb)Teacher's servicec)Mother's serviced)Banker's serviceCorrect answer is option 'C'. Can you explain this answer?
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