Name some goods that were at one time free goods are now economic goods?
http://en.wikipedia.org/wiki/Free_good
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How would you illustrate the impact of each of the following events on a production possibilities curve for factory goods and farm goods
To identify goods that were once free and have now become economic goods, you can look at historical and societal changes that have influenced their availability and value. Here are a few examples:
1. Water: In some regions, water was once readily available and considered a free good. However, due to population growth, water scarcity, and increased demand, it has become an economic good. People now pay for access to clean and reliable water sources, such as through monthly utility bills or purchasing bottled water.
2. Air travel: In the early days of aviation, air travel was relatively expensive and limited to a select few. However, advancements in technology and travel infrastructure have made air travel more accessible to a broader range of people. As a result, flights that were once considered luxuries have become economic goods that individuals typically purchase.
3. Digital content: With the rise of the internet, many types of digital content, such as news, music, movies, and software, were initially freely available. However, as creators sought to monetize their work and publishers aimed to maintain profitability, various platforms implemented paid subscriptions or introduced paywalls for premium content. Consequently, these digital goods transformed into economic goods that require payment for access.
It's important to note that not all goods that were once free become economic goods. Some goods, like knowledge and ideas, still remain in the realm of free goods, as they can be shared without necessarily reducing their availability for others.