Question

1. What is meant by 'goods in economics
2. Explain the term utility
3. Give two characteristics of utility
4. Explain the meaning of marginal utility
5. Are the following statements true or false?
(a) Air does not possess utility.
(b) Utility is synonymous with pleasure.
(c) Utility and satisfaction mean the same thing
(d) Wine is injurious to health, but at the same
possesses utility​

Answer 1

Answer:

1) In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods that are tangible property, and services, which are non-physical.

2)Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. ... The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service.

3) The want satisfying power of a commodity is called utility. It is a quality possessed by a commodity or service to satisfy human wants. Utility can also be defined as value-in-use of a commodity because the satisfaction which we get from the consumption of a commodity is its value-in-use.