What best describes an economic good?

An economic good is best described as a product that is tangible and scarce. In economics, goods are classified based on their availability and characteristics that affect their consumption and production. Tangibility means the good can be physically touched or experienced, while scarcity refers to the limited availability of resources to meet the demand for these goods. Economic goods can include anything from food and clothing to machinery and electronics, which all have a specific supply that can vary based on market conditions.

Scarcity implies that there are not enough resources to satisfy everyone's desires, which is a fundamental concept in economics that influences price settings and consumer behavior. Thus, economic goods tend to possess a value because they require resources to produce and are not freely available to anyone who wishes to obtain them.

The other options present characteristics that do not align with the fundamental definition of economic goods. For example, describing a good as free and abundant undermines the principle of scarcity, which is essential to defining an economic good. Similarly, classifying a service that cannot be stored does not capture the necessary tangible aspect that characterizes economic goods. Finally, although products needed for survival can be considered economic goods, the definition is broader and pertains to anything that is tangible and scarce, regardless of its necessity for survival.