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In economics, a free good is a good that is not scarce, and therefore is available without limit. [1] [2] [3] A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good.
[1] Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. [2] The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3]
An elastic good is one for which there is a relatively large change in quantity due to a relatively small change in price, and therefore is likely to be part of a family of substitute goods; for example, as pen prices rise, consumers might buy more pencils instead. An inelastic good is one for which there are few or no substitutes, such as ...
The fast food industry combines separate food items into a "combo meal" or "value meal". A bundle of products may be called a package deal; in recorded music or video games, a compilation or box set; or in publishing, an anthology. Product bundling is most suitable for high volume and high margin (i.e., low marginal cost) products.
Store brands are gaining popularity among consumers. They reached a record $199 billion in sales across all major retail channels in 2021, according to the Private Label Manufacturers Association....
Sometimes a company sells a durable good at an attractively low price in the hopes that the consumer will then buy the consumables that go with it at a price providing a higher margin. Printers and ink cartridges are an example, as are cameras and film as well as razors and blades , which gave this business model its usual name (the razor and ...
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A car is a durable good. The gasoline that powers it is a non-durable (or consumable) good.. In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use.