Future Business Leaders of America (FBLA) Agribusiness Practice Test

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Enhance your FBLA Agribusiness knowledge with our comprehensive test. Dive into flashcards and multiple-choice questions, complete with hints and explanations, to ensure exam success. Prepare confidently for a bright future!

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In economics, which item is considered a 'good'?

Legal advice
Medicine
Concert tickets
Insurance coverage

The correct answer is: Medicine

In economics, a 'good' is typically defined as a tangible item that can be seen, touched, and used. This includes physical products that can be bought and sold in the marketplace. Medicine fits this definition as it consists of pharmaceutical products that are produced, distributed, and consumed. It is a physical item with direct utility, as it is often required for health and wellness. Legal advice, concert tickets, and insurance coverage, while they provide valuable services, do not represent physical items. Legal advice is an intangible service provided by professionals. Concert tickets represent access to an event rather than a physical product, and insurance coverage is a financial agreement that offers protection against specific risks, but it is not a tangible good you can possess physically. Thus, medicine stands out as the only option among the choices that categorically fits the economic definition of a 'good.'