1.

Distinguish between economic and non-economic goods. 

Answer»

The distinction between economic or free goods and non-economic goods are as follows: 

Economic GoodsNon-Economic Goods
1. These goods are limited in supply. 1. These goods are available in abundant amount.
2. These goods command price. To obtain such goods, one has to pay price.2. These goods do not command  any price. These are available free of cost.
3. Economic goods are man-made.3. These are free gifts of nature.
4. Scarce resources are used to produce such goods.4. No such resources are required in their production.



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