Goods & Services

Notes by Danny

Values: The monetary value of a good or a service the market puts on it.
Ex: Videos games, food, clothing, etc.
Utility: Something of value that can be useful and also provide satisfaction. Utility can also vary from one person to another.
Ex: One person may like a bike to ride; and the other person may not like bikes.
Durable goods: Any good that can last three or more years when used with regularity.
Ex: Cars, computers, Florescent light bulbs, etc.
Service: Work that is done by someone to another person.
Ex: A Lawyer, Nurse, Electrician, etc.