10-18 Prequiz

Question 1

Consumer goods

Answer 1

any tangible commodity produced and subsequently purchased to satisfy the current wants and perceived needs of the buyer

Question 2

Durable good

Answer 2

Goods that don’t run/wear out after regular use in a 3yr period

Question 3

Utility

Answer 3

Measurement of “usefulness” that a consumer obtains from a good. Varies from person to person

Question 4

Factor market

Answer 4

Where factors of production are bought and sold

Question 5

Specialization

Answer 5

Producing one scarce thing that you are really good at producing

Question 6

Value

Answer 6

Maximum amount a consumer is willing to pay in a free market economy