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Goods, Services, & Value
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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
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