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Economics Homework 1 - Model (view source)
Revision as of 20:05, March 24, 2013
, 20:05, March 24, 2013no edit summary
1. Give an example of a "good" not in the lecture, and an example of a "service" not in the lecture.
1. Give an example of a "good" not in the lecture, and an example of a "service" not in the lecture.
:Goods are "things" like footballs, cars, hamburgers, iPhones, and candy bars. Services are activities like entertainment, teaching, health care, and advice.
:Goods are "things" like footballs, cars, hamburgers, iPhones, and candy bars. Services are activities like entertainment (football games), teaching, health care, and advice.
:A "good" can be put in a bag (including a very large bag). A service cannot be put in a bag.
:A "good" can be put in a bag (including a very large bag). A service cannot be put in a bag.