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Goods, Services, & Value
Verified
3 pages

Goods, Services, & Value

You clogged the pipes while using the restroom, now a plumber has to come and fix the toilet and pipes: Service. Your parents pay for you to have a tutor in math, the subject you are struggling with the most: Service. After lunch, you buy chips and candy from the concessions cart: Good. You take an airplane when you go on a trip: Service. You purchase a game to give as a birthday gift: Good. You visit the doctor for a checkup: Service. You get your haircut: Service. Limited Resources: Scarcity. Goods made by people and used to produce other goods or services: Capital Resources. People working to produce goods or services: Human Resources. Materials that come directly from nature: Natural resources. A good that lasts three years or more when used on a regular basis is called a: Durable Good. Which of the following is considered a nondurable good: toilet paper. The capacity to be useful and provide satisfaction is called what: Utility. The ability or capacity of a good or service to be useful to someone. : Utility . Which of the following could be classed as a durable good: washing machine. Definition of Marginal Utility: the extra satisfaction from the last unit consumed. The definition of the law of diminishing marginal utility: As more units are consumed the marginal utility falls.. If Ann gets 100 units of utility from reading a book and 500 units of utility from playing with her cat, What can we determine about Ann: She prefers playing with her cat to reading a book.

Grade:Grade 2_AI - Grade 5_AI
4
Economic Goods and Services
Verified
2 pages

Economic Goods and Services

Desires for things that we may or many not actually require: Wants. Something that is required for survival: Needs. Desires for such things as sports equipment, cars, haircuts, etc. That you will need to spend money on: Economic Wants. Wants that can be satisfied without spending money: Noneconomic Wants. Items that you spend money on that must be a physical object, must be useful, and must be scarce: Economic Good. Productive act that satisfy economic wants: Economic Service. A thing that is perceptible by touch: Tangible. There is not enough of it so that anyone and everyone can freely have as much as they want: Scarce. People who use goods and services: Consumers. Finding out exactly what consumers want: Market Rearch. The People who make or provide goods and services: Producer. These products are used in the operation of a business but are not used in the actual production of a good or service. i.e. computers, forklifts, telephones: Equipment. These products are constantly being purchased and used up in the operation of a business: Supplies. the basic material from which a product is made: Raw Materials. Items purchased quickly and without much thought or effort: Convenience Products. Items such as bread and milk: Staple Items. Items such as candy bars at the checkout counter: Impulse Items. Items with special or unique characteristics that consumers are willing to exert special efforts to obtain: Specialty Products. Items bought out of adversity instead of desire: Unsought Products. These items become part of a finished product after they have been processed: Materials. These items become part of a finished product, but do not need any additional processing. Examples include bolts, screws, and tires: Parts

Grade:Grade 2_AI - Grade 4_AI
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