Block TypeKnowledge CheckpointKnowledge checkpoint: Answer these actual Higher Economics exam questions:‣Distinguish, using examples, between economic goods and free goods. (Worth 3 Marks)Economic Good Free Good needs the use of scarce resources to produce itIs abundantly supplied (1 mark)Creation has an opportunity cost Creation does not deplete scarce resources (1 Mark)Carries a price Does not command a price (1 Mark)For example a carFor example air (1 mark)(From Higher Economics 2022 Q3(a))