Fungibility refers to the property of an asset or commodity that allows it to be exchanged or substituted for another of equal value, such as money. Inelasticity describes a situation where the quantity demanded or supplied of a good does not change significantly in response to price changes, often seen in essential goods like medicine. Non-excludability is a characteristic of public goods, where it is not feasible to prevent individuals from using the good, such as clean air or national defense. Together, these concepts illustrate different economic properties affecting how goods and services are valued and consumed.
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