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Basic Economic Concepts

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by

Sheree Topp

on 29 February 2012

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Transcript of Basic Economic Concepts

Basic Economic Questions What goods and services should be produced? How should the goods and services be produced? Who should share in the use of these goods and services? Economic Product Economic products are goods and services that are useful, relatively scarce and transferable to others. GOODS Goods are items that are economically useful or satisfy an economic want. SERVICES Services are jobs that are performed for someone. Tires are an example of a good. A tire technician changing tires is an example of a service. CONSUMER GOODS CAPITAL GOODS Consumer goods are goods intended for final use by individuals. Capital goods are goods used to produce other goods and services. Tires are examples of consumer goods. Machine used to manufacture a tire is an example of a capital good. Nondurable: Durable: Any good that lasts three years or more when used on a regular basis. A good that lasts for less than three years when used on a regular basis. Value, Utility and Wealth Value is worth expressed in dollars and cents. Scarcity by itself is not enough to create value. For something to have value, it must also have utility. Utility is a good's or service's capacity to provide satisfaction, which varies with the needs and wants of each person. Wealth is the accumulation of goods that are tangible, scarce, useful, and transferable to another person. Wealth does not include services. Tangible = you can touch it. Name something that you value, that fits this definition. Why does it have value? Does it have utility? What are some examples of wealth? Paradox of Value The situation in which some necessities have little monetary value while some non-necessities have a much higher value. Both consumer goods and capital goods can be durable and nondurable.
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