Goods and Services

Front

A good that lasts three years or more when used on a regular basis is called a

Back

Durable Good

Front

Which of the following is considered a nondurable good? John Deere Tractor, Automobile, Blow dryer, toilet paper

Back

toilet paper

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

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

Front

The capacity to be useful and provide satisfaction is called what?

Back

Utility

Front

A consumer would be best defined as...

Back

A person who purchases goods and services for personal use

Front

A __________ is work people do for consumers.

Back

Service

Front

The study of resources such as money, materials, and labor

Back

economics

Front

What is a service?

Back

a work performed for someone

Front

What is a good?

Back

Things that people make or grow