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One of the reasons that a country needs an economic system is because it
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1. Introduction to Microeconomics
Introduction to Economics
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In economics, which term best describes anything that can be bought or sold?
A
Externality
B
Good
C
Factor of production
D
Opportunity cost
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Understand the definitions of the given terms: An 'Externality' refers to a cost or benefit that affects a third party who did not choose to incur that cost or benefit.
'Factor of production' refers to inputs used in the production process, such as labor, capital, land, and entrepreneurship.
'Opportunity cost' is the value of the next best alternative foregone when making a decision.
A 'Good' in economics is any tangible item that can be bought or sold in a market.
Since the question asks for a term that best describes anything that can be bought or sold, identify that 'Good' fits this definition precisely.
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