Share This Article:

Economic Definition of economic good. Defined.

Offline Version: PDF

Term economic good Definition: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.

 

« economic goals | economic growth »

Permalink: https://glossary.econguru.com/economic-term/economic+good

Alphabetical Reference to Over 2,000 Economic Terms