Quick! Define as many of these economic terms as you can?

Question

1. Free Product

2. Economic Product

3. Consumer Good

4. Capital Good

5. Durable good

6. Non durable good

7. Consumtion

8. Conspicuous Consumtion

9. Value

10. Paradox of Value

11. Utility

12. Production

13. Human Capital

14. Economic Interdpendence

15. Factor Market

16. Product Market

Answer 1

1. In abstract algebra, the free product of groups constructs a group from two or more given ones. Given, for example, groups G and H, the free product G∗H can be constructed as follows: given presentations of G and of H, take the generators of G and of H, take the disjoint union of those, and adjoin the corresponding relations for G and for H. This is a presentation of G∗H, the point being that there should be no interaction between G and H in the free product. If G and H are infinite cyclic groups, for example, G∗H is a free group on two generators.

The free product applies to the theory of fundamental groups in algebraic topology. If connected spaces X and Y are joined at a single point (via the wedge sum), the fundamental group of the resulting space will be the free product of the fundamental groups of X and of Y. This is a special case of van Kampen's theorem. The modular group is a free product of cyclic groups of orders 2 and 3, up to a problem with defining it to within index 2. Groups can be shown to have free product structure by means of group actions on trees.

The above definition may not look like an intrinsic one. The dependence on the choice of presentation can be eliminated by showing that the free product is the coproduct in the category of groups.
------------------------------------------------------------------------------------
3. In economics final goods are goods that are ultimately consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good.

When used in measures of national income and output the term final goods only includes new goods. For instance, the GDP excludes items counted in an earlier year to prevent double counting of production based on resales of the same item second and third hand.

Consumer goods are exactly the same as final goods, but with the subtle difference that they are specifically intended for the mass market. For instance, consumer goods do not include investment assets, like precious antiques, even though these items are final goods.

Manufactured goods are goods that have been processed in any way. As such, they are the opposite of raw materials, but include intermediate goods as well as final goods.
------------------------------------------------------------------------------------
4.Capital goods, in contrast to consumer goods, are goods used in the production of (physical) capital. Many goods could be categorized as capital goods, or as consumer goods according to usage; for example cars and personal computers, these - and most capital goods - are also durable goods.
------------------------------------------------------------------------------------
5.In economics, a durable good or a hard good is a good which does not quickly wear out, or more specifically, it yields services or utility over time rather than being completely used up when used once. Most goods are therefore durable goods to a certain degree. Perfectly durable goods never wear out.

Examples of durable goods include cars, appliances, business equipment, electronic equipment, home furnishings and fixtures, houseware and accessories, photographic equipment, recreational goods, sporting goods, toys and games.
------------------------------------------------------------------------------------
6.Nondurable goods or soft goods are the opposite of durable goods. They may be defined either as goods that are used up when used once, or that have a lifespan of less than 3 years.

Examples of nondurable goods include cosmetics, food, cleaning products, office supplies, packaging and containers, paper and paper products, personal products, rubber, plastics, textiles, clothing, footwear and most services.
------------------------------------------------------------------------------------
7.In Keynesian economics aggregate consumption is total personal consumption expenditure, i.e., the purchase of currently produced goods and services out of income, out of savings (net worth), or from borrowed funds. It refers to that part of disposable income (income after taxes paid and transfer payments received) that does not go to saving.
------------------------------------------------------------------------------------
8.Conspicuous consumption is a term used to describe the lavish spending on goods and services that are acquired mainly for the purpose of displaying income or wealth rather than to satisfy a real need of the consumer. In the mind of a conspicuous consumer, such display serves as a means of attaining or maintaining social status.
------------------------------------------------------------------------------------
9.In neoclassical economics, the value of an object or service is often seen as nothing but the price it would bring in an open and competitive market. This is determined primarily by the demand for the object relative to supply. Other economists often simply equate the value of a commodity with its price, whether the market is competitive or not.

In classical economics, price and value were not seen as equal. In this tradition, to Steve Keen "value" refers to "the innate worth of a commodity, which determines the normal ('equilibrium') ratio at which two commodities exchange."[1] To Keen and the tradition of David Ricardo, this corresponds to the classical concept of long-run cost-determined prices, what Adam Smith called "natural prices" and Karl Marx called "prices of production." It is part of a cost-of-production theory of value and price. Ricardo, but not Keen, used a "labor theory of price" in which a commodity's "innate worth" was the amount of labor needed to produce it.

In another classical tradition, Marx distinguished between the "value in use" (use-value, what a commodity provides to its buyer), "value" (the socially-necessary labour time it embodies), and "exchange value" (how much labor-time the sale of the commodity can claim, Smith's "labor commanded" value). By most interpretations of his labor theory of value, Marx, like Ricardo, developed a "labor theory of price" where the point of analyzing value was to allow the calculation of relative prices. Others see values as part of his sociopolitical interpretation and critique of capitalism and other societies, and deny that it was intended to serve as a category of economics. According to a third interpretation, Marx aimed for a theory of the dynamics of price formation, but did not complete it.

In 1860 John Ruskin published a critique of the economic concept of value from a moral point of view. He entitled the volume Unto This Last, and his central point was this: "It is impossible to conclude, of any given mass of acquired wealth, merely by the fact of its existence, whether it signifies good or evil to the nation in the midst of which it exists. Its real value depends on the moral sign attached to it, just as strictly as that of a mathematical quantity depends on the algebraic sign attached to it. Any given accumulation of commercial wealth may be indicative, on the one hand, of faithful industries, progressive energies, and productive ingenuities: or, on the other, it may be indicative of mortal luxury, merciless tyranny, ruinous chicanery." Gandhi was greatly inspired by Ruskin's book and published a paraphrase of it in 1908.

Economists such as Ludwig von Mises asserted that "value" was always a subjective quality. There was no value intrinsic to objects or things and value derived entirely from the psychology of market participants. Thus, it was false to say that the economic value of a good was equal to what it cost to produce or to its current replacement cost.

Value in the most basic sense can be referred to as "Real Value" or "Actual Value." This is the measure of worth that is based purely on the utility derived from the consumption of a product or service. Utility derived value allows products or services to be measure on outcome instead of demand or supply theories that have the inherent ability to be manipulated. Illustration: The real value of a book sold to a student who pays $50.00 at the cash register for the text and who learns nothing from the content is essentially zero. However; the real value of the same text purchased in a thrift shop at a price of $0.25 and provides the reader with an insight that allows him or her to earn $100,000.00 in additional income is $100,000.00 or the extended lifetime value earned by the consumer. This is value calculated by actual measurements of ROI instead of production input and or demand vs. supply. No single unit has a fixed value. Value is intrinsically related to the worth derived by the consumer. [Burke(2005)].
------------------------------------------------------------------------------------
10.The paradox of value (also known as the diamond-water paradox) is the apparent contradiction (see paradox) within classical economics that, although water is more useful than diamonds (excluding industrial diamonds), diamonds command a higher price in the market. Adam Smith famously propounded on the paradox in The Wealth of Nations. Smith was not the first to note the paradox. Nicolaus Copernicus[1], John Locke, John Law[2] and others had previously tried to explain the disparity in value between water and diamonds.

The theory of marginal utility, the solution to the paradox, brought about the birth of neoclassical economics and argues that it is not the use-value of a good that determines its price but its marginal utility.

Smith outlined the paradox in The Wealth of Nations by noting that

Nothing is more useful than water; but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it. [3]

It is generally maintained that Smith was unable to solve the paradox in The Wealth of Nations.[4]
-------------------------------------------------------------------------------------
11.In economics, utility is a measure of the relative happiness or satisfaction (gratification) gained by consuming different bundles of goods and services. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of attempts to increase one's utility.

The doctrine of utilitarianism saw the maximization of utility as a moral criterion for the organization of society. According to utilitarians, such as Jeremy Bentham (1748-1832) and John Stuart Mill (1806-1876), society should aim to maximize the total utility of individuals, aiming for "the greatest happiness for the greatest number."

In neoclassical economics, rationality is precisely defined in terms of imputed utility-maximizing behavior under economic constraints. As a hypothetical behavioral measure, utility does not require attribution of mental states suggested by "happiness," "satisfaction," etc.

Utility is applied by economists in such constructs as the indifference curve, which plots the combination of commodities that an individual or a society requires to maintain a given level of satisfaction. Individual utility and social utility can be construed as the dependent variable of a utility function (such as an indifference curve map) and a social welfare function respectively. When coupled with production or commodity constraints, these functions can represent Pareto efficiency, such as illustrated by Edgeworth boxes and contract curves. Such efficiency is a central concept of welfare economics.
-------------------------------------------------------------------------------------
12.Economic production, in national accounts and macro-economics, an activity carried out under the control and responsibility of a resident institutional unit that uses factors of production to produce outputs of goods and services
-------------------------------------------------------------------------------------
13.Human capital is a way of defining and categorizing peoples' skills and abilities as used in employment and as they otherwise contribute to the economy. Many early economic theories refer to it simply as labour, one of three factors of production, and consider it to be a commodity -- homogeneous and easily interchangeable. Other conceptions of labor are more sophisticated.
-------------------------------------------------------------------------------------
14.Economic interdependence describes countries/nation-states and/or supranational states such as the European Union (EU) or North American Free Trade Agreement (NAFTA) that are interdependent for any (or all) of the following:

* food
* energy
* minerals
* manufactured goods
* multinational/transnational corporations
* financial institutions
* foreign debt

Answer 2

3) goods wanted and purchased by consumers 5)a good that lasts very long or even a lifetime 6) a good that has a very short life 7) to purchase goods to satisfy your need 9)what amount of money can be exchanged for a particular good 12) to convert raw materials into final goods

Dunno others

Answer 3

Hey you lazy f.u.c.k! Don`t ask us to do your Economics homework! Nice try though. Five bonus just for trying. Well done buddy! Keep up the good work!

Answer 4

Weed.