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April 17, 2024 

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ECONOMIC GOOD: 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.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The best way to cheer yourself up is to try to cheer somebody else up."

-- Mark Twain

OFT
Office of Fair Trading (UK)
A PEDestrian's Guide
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