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1.3.4. Economic Good.


D.1. Economic Good: A good is an economic good only when defined as a component of the apparatus of the Given Data i.e. the set of social and technical conditions, and system of ends.


E.1. It is an economic good only when it is defined as a function of given set of means and ends. A fruit alone is not, thus, an economic good. But when considered in relation to all the givens that fruit becomes an economic good. An apple is not an economic good. But when I treat an apple in relation with other fruits, my preference for them in relation to my preference of others, their prices in relation to prices of all others, their prices in relation to my budget, etc apples are treated as an economic good, and their value considered as economic value.


Reference: Chapter 03 of Robbins, L. (2007). An essay on the nature and significance of economic science.

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