Goods and Services
Flashcard
•
12th Grade
•
Practice Problem
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
A good that lasts three years or more when used on a regular basis is called a
Back
Durable Good
2.
FLASHCARD QUESTION
Front
Which of the following is considered a nondurable good? John Deere Tractor, Automobile, Blow dryer, toilet paper
Back
toilet paper
3.
FLASHCARD QUESTION
Front
Which of the following could be considered both a durable good and consumer good? Automobile, toilet paper, dental floss, a loaf of bread
Back
Automobile
4.
FLASHCARD QUESTION
Front
The apparent contradiction between the high value of a nonessential item and the low value of an essential item was referred to in the book, Wealth of Nations by Adams Smith in 1776, as what?
Back
Paradox of value
5.
FLASHCARD QUESTION
Front
The capacity to be useful and provide satisfaction is called what?
Back
Utility
6.
FLASHCARD QUESTION
Front
A consumer would be best defined as...
Back
A person who purchases goods and services for personal use
7.
FLASHCARD QUESTION
Front
A __________ is work people do for consumers.
Back
Service
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