Economic goods are commodities and products that require effort and resources, and are available at a price in the market. They are distinct from freely available goods or those with no utility.
Factors of production refer to the resources required to produce economic goods, including land, labor, capital, and entrepreneurial ability. Each factor has an associated cost: rent for land, wages for labor, interest for capital, and profit for the entrepreneur.
Goods that do not last a long time, are quickly consumed, and so must continually be replaced by consumers. Food is the most prevalent example of nondurable goods.
