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Economics Definition Chapter 1
Economics Definition Chapter 1
Terms Definition
Capital goods Are goods that are not sold to end users.
Very long run Time period when all key inputs into
production are available.
Pg.18
Durable goods A good that yields utility over time rather than
be being completely consumed in one use
Pg.19
Quasi-public good Goods that have some but not all of the
characteristics of public goods.
Pg.34