Question

Can you think of any examples of free goods, that is, goods or services that are not scarce?

Short answer

Ideas and works that can be reproduced for free or almost free are examples of free goods.

Step-by-step solution

Definition

Scarcity:

Scarcity is an economic problem that arises when there is a high demand for scarce commodities and services. A lack of adequate management and a diminishing supply rate that cannot keep up with the increasing demand for limited items are the causes of the supply shortfall. Mismanagement of resources and a diminishing supply rate of goods can lead to economic growth instability.

Explanation

Free commodities are those that do not require manufacturing and so have no opportunity cost. Ideas and works that can be reproduced for free or almost free are examples of free products. If someone invents a new technology, for example, numerous people may reproduce it, and there would be no fear of this "resource" running out. Computer applications and web pages are more examples.

Payment for usage may be required by some websites, however, this is uncommon. These are mostly used to disseminate information and ideas over the internet. Every day, YouTube artists post 720 000 hours of video content to the platform. These videos are free items that can be accessed by anybody at any time.