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a)Free goods - Those things which are given free by nature eg air. Have utility but
no economic value.
Economic goods - Those things which are scarce when compared to human wants and
human effort required to obtain them. Have utility and economic
value (price)
b)Consumer goods - Goods meant for direct consumption and they satisfy economic
wants may be perishable or durable.
Produce goods - Goods that help in further production of consumer goods. They
assist in production eg machinery.
c) Business Wealth - Goods of value (assets) that belong to a business eg. Premises.
Personal Wealth - Consists of items that belong to an individual person eg clothes,
TV, etc.
sharon kalunda answered the question on February 28, 2019 at 13:17
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