Goods and Services

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

• Capital Good
• Consumable Good
• Nondurable Good
• Durable Good

Which of the following is considered a nondurable good?

• John Deere Tractor

• Automobile

• Blow dryer

• toilet paper

Which of the following could be considered both a durable good and consumer good?

• Automobile

• toilet paper

• dental floss

• a loaf of bread

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?

• The Contradiction of Value
• The Invisible Hand of Markets
• Paradox of value
• Something of value

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

• Usefulness
• Pleasure
• Utility
• Scarcity

A consumer would be best defined as...

• A person who purchases goods and services for personal use

• A business that consumes other businesses

• A business or person who creates a product to sell

• A person who purchases goods in order to resell them.

A __________ is work people do for consumers.

• Service

• Goods

• Durable goods

• Consumers

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

• economics
• services
• producers
• goods

What is a service?

• A want

• something tangible

• A need

• a work performed for someone

What is a good?

• work performed for someone

• A baseball game

• Things people do for money

• Things that people make or grow