economic goods

Definition

Any resource that requires an outlay of effort or assets to obtain it. An economic good is one for which the supply is less than the demand, meaning that the distribution of it will be subject to the laws of supply and demand, as opposed to a free good such as sunlight or air, for which the distribution is unrelated to economic principles.

Use economic goods in a sentence

You should try and make sure that you know the best way to handle all of your economic goods and get the most from them.

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Who would have thought that metals as economic goods would have become so expensive; indeed, they must be mined at such a cost.

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Economic goods are bought, sold, and traded throughout the world internationally to create diverse and profitable markets for many nations.

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