Consumption Goods and Services Include

question 48

Multiple Choice

Consumption goods and services include

• A)washing machines and tickets to football games.
• B)new homes and existing homes (as long as improvements have been made to the existing home).
• C)tickets to concerts and medical care provided to veterans by the government.
• D)new and used textbooks as long as they are sold via stores or online.
• E)vacation time accumulated by workers.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to buy.

Supply Curve

A visual depiction that illustrates the link between a product or service's price and the amount available over a specific time frame.

Price Expectations

Anticipations or beliefs about future prices that influence consumers' purchasing decisions and firms' production plans.

Changes in Income

Fluctuations in the amount of income earned, which can affect consumer spending and saving behavior.