Does a free good mean any good I get for free? What if I was fishing...
Does a free good mean any good I get for free? What if I was fishing with a hand-made fishing net and caught a fish. Is that considered a free good? I didn't have to pay for it and I didn't use anything that I had bought. The Native Americans used to find all their food and water and didn't pay for it. Were they free? What makes a good "free" in economics? Can you think of a good that is not scarce? If no, why? Describe in 200 words
Homework Answers
A free good is a good which has zero opportunity cost i.e. which is not scarce. These are goods which have zero marginal cost of production that is to produce additional unit of the same good, no cost is incurred. One example of the free good is a public good such as water, an additional unit of which could be used by consumers without an extra cost. The example of fishing is not an example of free good as per economics because the activity of fishing does not have zero opportunity cost and fishes are not in abundance, they are scarce in nature.
A free good means it has no opportunity cost and its consumption by one person, should not restrict its consumption for another person. In this regard, getting a fish is not a free good, because its catching by myself, will not make it available for the others. Further, I have spent time to catch it and that time could be used in some other work to earn money or do some other valuable work. It means that time spent on fishing has some opportunity cost as well. It will make the fishing not a free good, because it has some opportunity cost, and rivalrous clause with it. Here, getting free air is a free good, because its consumption by one person, will not restrict the consumption by other person. For native Americans, these food were free as they had no other things to do and resources were in abundance, not restricting anyone from doing anything. Population was also very small and scarce. So, for those people, it can be considered as free good.
So, a free good in economics is the good that has zero opportunity cost and it is non-rivalrous in nature. For example, air is the free good in economic and it is not scarce.
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