Frank Crimmins Was Driving on Interstate 85 in Eastern Alabama

question 105

True/False

Frank Crimmins was driving on Interstate 85 in eastern Alabama when he noticed he was running low on gas. Frank was relieved when he found a gas station open at the next exit just 2 miles ahead. This is an example of the value place utility provides to a consumer.

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Definitions:

Intermediate Goods

Products used in the production process of final goods but not part of the final product.

Final Goods

Products that have completed the production process and are ready for sale to the end consumer, not to be further processed or resold.

Macroeconomics

Macroeconomics is the branch of economics that examines the behavior and performance of an economy as a whole, focusing on aggregate outcomes such as economic growth, inflation, and unemployment.

Expenditure

The amount of money spent by an individual, organization, or government on goods and services.