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Chapter 1: Problem 2

Give two examples for each of the following: (a) an intangible good, (b) a tangible good, \((\mathrm{c})\) a bad.

Short Answer

Expert verified
(a) Two examples of intangible goods include legal services and education. (b) Two examples of tangible goods include a car and a shirt. (c) Two examples of 'bad' are pollution and waste.

Step by step solution

01

Identify two examples of intangible goods

Intangible goods are goods that we cannot physically touch, see or measure, they are non-physical in nature. Examples are legal services and education.
02

Identify two examples of tangible goods

Tangible goods are physical goods; they are items that we can see, touch, and measure. Examples are a car and a shirt.
03

Identify two examples of a 'bad'

In economics, a 'bad' typically refers to something undesirable. It doesn't mean that the item is of poor quality, but that it is something that people generally want to avoid if possible. Examples might be pollution and waste.

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