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
MyLab Economics with Pearson eText -- Access Card -- for Foundations of Economics
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- 8. Based on the following wealth utilization, what is the best rank of prioritization in consumption recognized in Islam: i Your close friend who is poor and in need ii Your sister who needs to do medical surgery iii Donation to a charity foundation iv Contributed to the construction of Maahad Tahfiz i, ii, iv, iii ii, i, iii, iv i, ii, iii, iv ii, i, iv, iiiarrow_forwardPlease no written by hand and no image In order to compare the market value of various things produced within an economy, a common unit is used, which has been the _____ an object.arrow_forwardOne of the following best explains consumption spending Select one: a. Spending on final consumer goods b. Spending on capital goods c. None of the option are correct d. Spending on infrastructurearrow_forward
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