(1) An economic good is a consumableitem that is useful topeople but scarce in relationto its demand, so that humaneffort is required to obtain it.All economic goods have value-in-exchange. In economics,wealth refers to those scarcegoods which satisfy our wantsand which have money value(Textbook on Economics forLaw Students, Dr. KalpanaSatija, p 19). So wealth includesall economic goods.