To find:
Whether chocolate bars areconsidered as consumption goodsor services or not.
Answer to Problem 1SPPA
Chocolate bars can be considered as consumption goods.
Explanation of Solution
A chocolate bar can be considered as consumption goods because consumption goodsare broadly defined as tangible goods that are produced or consumed by a consumer to satisfy their current needs or wants. A chocolate bar is a commodity that is produced and can be consumed by a customer if they are hungry or crave a chocolate bar.
Consumable goods and services:
The commodities and the services which a consumer can consume or utilize are consumable goods and services.
To find:
Whether ski lifts are considered as consumption goods or services or not.
Answer to Problem 1SPPA
Ski lifts will not be considered as consumption goods.
Explanation of Solution
A Ski lift is not considered as consumption goods or services. It cannot be called as consumption services because it is neither a service not a commodity but is instead capital that is used to help provide a service. The service provided is skiing and the ski lift is used to help the service providers offer a service to a consumer.
Consumable goods and services:
The commodities and the services which a consumer can consume or utilize are consumable goods and services.
To find:
Whether golf ball is considered as consumption goods or services or not.
Answer to Problem 1SPPA
The golf ball will be considered as consumption goods.
Explanation of Solution
A golf ball can be considered as consumption goods because consumption goodsare broadly defined as a tangible goods that are produced or consumed by a consumer to satisfy their current needs or wants. Similarly, a golf ball is a product that is produced and used by the consumer to help them play golf.
Consumable goods and services:
The commodities and services which a consumer can consume or utilize are consumable goods and services.
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Chapter 2 Solutions
Foundations of Economics (8th Edition)
- 1. List 1-3 things that you learned about basic economic concepts. Click to add text 2. List 1-3 things that you want to know more about basic economic concepts. Click to add text Click to add speaker notes o searcharrow_forwardWhat's the relationship between economic well-being and social well-being (i.e happiness)?arrow_forwardPlease use vocab to fill in #1-#4, and #5 and #7arrow_forward
- What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A natural resource used to produce a good c. A good purchased as an input in the production process d. A good used in the production of another goodarrow_forwardAutoSave Off HU File Home Paste Clipboard Page 1 of 1 Insert Design Layout Calibri (Body) ✓11 A A Aa A E A BI U ab x₂ x² A ✓ Font V 50 words m Type here to search Accessibility: Investigate Document1 - Word References Mailings Review S Paragraph Search ↓ IT View ¶ S Help AaBbCcDc AaBbCcDc AaBbC AaBbcct AaB ¶ Normal 1 No Spac... Heading 1 Heading 2 Title Styles Residents of two districts, Oz and Wonderland, initially fall into two types: blue (B) and red (R). In Oz, there are 500 blue residents and 1000 red residents, while in Wonderland there are 1000 blue residents and 500 red residents. Blue residents earn a regular passive income of YB = 12,000, while red residents' passive income is Y₁ = 2,000 due to their lower initial endowments. Both districts provide a local public good for their residents, G. Utility is given by Vi 23G-8, everywhere. Provision of this good takes place at the local government level, with the amount of provision chosen by majority vote within each district. į =…arrow_forward6. Jump for joy 7. The show keeper showed the animal 8. All day 9. I played basketball today 10. I also enjoy playing baseball Task 4: Copy the following sentences on your activity notebook. Write YES if the underlined words in each sentence is a phrase and No if it is not. Write your answer on the space provided each numnber. 1. He was waiting for the rain to stop. 2. She was upset when it didn't boil. 3. You have been sleeping for a long time. 4. You might enjoy a massage. 5. He was eager to eat dinner. 6. Ivory is diligent in her studies. 7. Elvis always asks me a food. 8. They want me to go with them. 9. Maxene is a nice pet. 10. Are you done? Were you able to answer the items correctly? What is the difference between the clause and the phrase?arrow_forward
- Sue has $200 to buy supplies for her computer. The two items that she needs are printer ink and computer paper. Paper costs $10 for 1000 sheets, and printer ink costs $5 and must be replenished after 2000 sheets of paper. The budget line is shown for Sue. What is the value of A?(Unit of Y is 1000 Sheets paper) рaper www A Ink Type your numeric answer and submitarrow_forwardWhat elements are included in the definition of a product? a) Goods b) c) d) Services Goods and services Goods, services, and ideasarrow_forwardAutoSave Off HU File Home Paste Clipboard Page 1 of 1 Insert Design Layout Calibri (Body) ✓11 A A Aa A E A BI U ab x₂ x² A ✓ Font V 29 words DX Type here to search Accessibility: Investigate Document1 - Word References Mailings Review S Paragraph Search ↓ IT View ¶ S Help AaBbCcDc AaBbCcDc AaBbC AaBbcct AaB ¶ Normal 1 No Spac... Heading 1 Heading 2 Title Styles Residents of two districts, Oz and Wonderland, initially fall into two types: blue (B) and red (R). In Oz, there are 500 blue residents and 1000 red residents, while in Wonderland there are 1000 blue residents and 500 red residents. Blue residents earn a regular passive income of YB = 12,000, while red residents' passive income is Y₁ = 2,000 due to their lower initial endowments. Both districts provide a local public good for their residents, G. Utility is given by Vi 23G-8, everywhere. Provision of this good takes place at the local government level, with the amount of provision chosen by majority vote within each district. ¡ =…arrow_forward
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co