APPLIED ECONOMICS

6. GOODS – excludable but non-rivalrous goods (Netflix, toll roads).
7. GOODS – rivalrous but non-excludable goods (fisheries, forests).
8. – catching or farming fish and other aquatic resources.
12. – managing and harvesting forest resources like timber and replanting trees.
13. SECTOR – sector that provides services rather than physical goods.
14. GOODS – rivalrous and excludable goods (food, clothes).
15. SECTOR – broad sector covering primary (raw materials) and secondary (manufacturing) activities.

1. – capturing wild animals for food, trade, or recreation.
2. GOODS – non-rivalrous and non-excludable goods (streetlights, national defense).
3. SECTOR – industries that process raw materials into finished goods (manufacturing, construction).
4. SECTOR – activities that extract natural resources (farming, fishing, mining).
5. – the study of how people and societies use scarce resources to satisfy unlimited wants.
9. GOODS – goods with no scarcity or opportunity cost (sunlight, air).
10. – cultivation of crops and raising of animals for food and raw materials.
11. SECTOR – activities that provide services (transport, retail, healthcare, education).