![]() ![]() Wealth owned by an individual and meant for private consumption is called individual wealth.Give the meaning of individual wealth and social wealth. Which goods are called consumer goods in economics? Goods that do not last long and can be consumed only once are known as perishable goods. Goods that can be stored and used repeatedly for a long period of time are called durable goods.Įxample: Shoes, clothes, television, refrigerator, etc. Give the meaning of durable goods with examples. On the other hand, a book is a good and one may be able to tell the amount of information obtained from the book.However, it is quite difficult or say abstract to identify the exact contribution of the service of education in creating knowledge in student.The need for knowledge of a student is satisfied by the service of education.The impact of a service in satisfying human wants varies and hence is abstract.You get a fixed quantity of minutes/hours i.e. ![]() When you recharge your mobile phone by paying money you are buying a service.Time spent to provide a service can be measured to make service quantifiable.Units of goods or stock of goods can be measured but, services generally cannot be measured in cardinal (i.e.Although the nature of goods and services is different both are important in economics.Economics studies activities related to production, consumption and distribution of goods or services.In economics, services are meant to satisfy the needs of human life.Ĭooking, transportation, telecom, courier, etc.Commodities which are intangible or do not have a physical existence are called services.the needs of consumers.įood items, metal, fuel, furniture, vehicles, etc. In economics, goods satisfy the needs of consumption i.e.Commodities that have physical existence i.e.Example: Public garden, village well, street lights, etc.Įxplain the meaning of commodities and services with examples. Example: A motorcycle, mobile phone, house owned by an individual.Ĥ. Hence, all have equal ownership and so individuals do not need to compete to own them.Ĥ. These goods are either provided by the government for all or some people pay for it together. In order to obtain ownership of such excludable goods, individuals need to compete.ģ. These goods possess the characteristics of joint demand and collective consumption.ģ. These goods possess the characteristics of excludability and competitiveness.Ģ. Goods that can be used by many individuals at the same time are called Public goods.Ģ. Goods that can be possessed and owned by a private individual are called Private goods.ġ. Give two points of difference between private goods and public goods.ġ. Answer the following questions in short : How many phases are there in a trade cycle? Which are those?ģ. Give the definition of trade cycle given by Heberler.Īccording to Haberler, Trade Cycle is an interval that embraces alternating periods of prosperity (good time) and depression (bad time).’ Wealth is something which is useful, scarce, capable of getting exchanged, and can only be owned by somebody. The agents that help in a process of conversion or production are called ‘Factors of Production’. Give the meaning of factors of production. for private consumption is called individual wealth. These goods have passed the final stage of production. When a consumer consumes a good and the good is capable of directly satisfying a particular want then it is called a consumer good. Give the meaning and example of consumer goods. What is meant by perishable goods in economics? Goods which do not have exchange value are called non-economic goods. Give meaning and example of commodities which are universally and abundantly available. The worth of a commodity in terms of other commodities, or in terms of money i.e. Answer the following questions in one sentence : Which of the following signifies all forms of natural wealth?Ģ. Which of the following is not a characteristic of wealth? Which of the following is a physical good? What is the monetary payment in exchange of a good called? Which value expresses the importance of a good in human life? Choose correct option for the following from the options provided : Gujarat Board Textbook Solutions Class 11 Economics Chapter 2 Fundamental Concepts and Terminologies GSEB Class 11 Economics Fundamental Concepts and Terminologies Text Book Questions and Answersġ. GSEB Gujarat Board Textbook Solutions Class 11 Economics Chapter 2 Fundamental Concepts and Terminologies Textbook Exercise Important Questions and Answers, Notes Pdf. ![]()
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