Items That Are Purchased by Individuals for Their Own Enjoyment

question 81

Multiple Choice

Items that are purchased by individuals for their own enjoyment are called

• A) consumption goods and services.
• B) capital goods.
• C) government goods and services.
• D) exports of goods and services.
• E) private goods.

---

Definitions:

Opportunity Loss Table

A table used in decision making to show the lost opportunities or costs associated with not choosing the best alternative.

Expected Monetary Value(EMV)

A method employed in making decisions that calculates the mean result in situations where the future holds potential but uncertain events.

Expected Monetary Value

The predicted average amount of money gained or lost from an investment or decision, calculated by considering all possible outcomes and their probabilities.

Gross Profits

Total revenue of a company minus the cost of goods sold.