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2 (10) Define and distinguish between the four main types of goods. Additionally, identify and exy the two key characteristics used to categorize goods. (2)
2 (10) Define and distinguish between the four main types of goods. Additionally, identify and exy the two key characteristics used to categorize goods. (2) This question is similar to our class exercise on different types of highway. Let's cor now. Water, a vital resource, can exhibit characteristics of different types of goods dep context. Consider the following scenarios and identify what kind of good water re each case: 1. Scenario 1: In a city where individuals pay water bills based on their consum water is treated and delivered through a centralized system. What type of good is water in this scenario? Explain your reasoning. (2) 2. Scenario 2: A public park has a water fountain that anyone can use \\( w \\) there is no charge associated with using the fountain. What type of good is the water from the fountain in this scenario? Just discussing the characteristics associated with this type of good. (2)
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