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3 Cards in this Set
- Front
- Back
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What is health? |
-health is a stock or form of capital -it lasts for more than one period -does not depreciate instantly |
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Consumer goods |
- any tangible item produced and subsequentlypurchased to satisfy the wants and needs of the buyer. i) durablegoods(cars, furniture, machinery and equipment, health) ii) nondurable goods (food, clothing and gasoline), and iii) services(haircuts, auto repairs, and landscaping). |
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What are there important characteristics of health? |
1. Consumer good -we feel better and are happier when we possessit. 2. An input- an input into the production of productive time: we are more productive on the job or inproducing goods when we are healthy. 3. Stock - it lasts for more than one period. It does not depreciate instantly. |
