Term 1 - Topic 2 UNIT 1 (p27)

Question 1

What are DURABLE goods?

Name an example

Answer 1

Can be used over and over, over an extended period of time.

EXAMPLE: Furniture, cars

Question 2

What are SEMI-DURABLE goods?

Name an example

Answer 2

Can be used over and over, but they last for a LIMITED period

EXAMPLE: clothing, car tyres, shoes

Question 3

What are NON-DURABLE goods?

NAME AN EXAMPLE

Answer 3

Can be consumed only ONCE

EXAMPLE: Food, medicine

Question 4

SERVICES are intangible.

What does that mean?

Answer 4

unable to touch it / not real

Question 5

WHAT measures the total spending of all households on goods and services?

Answer 5

Final CONSUMPTION expenditure

Question 6

What is the LARGEST component of the GDE / GDP?

Answer 6

Final CONSUMPTION EXPENDITURE

(expenditure of all households on goods and services)