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Comparing Value of Durable and Nondurable Goods: A Study of Actual Dollars and Cents

This study explores the concept of value by comparing the prices people are willing to pay for durable and nondurable goods. It also addresses the paradox of value and the role of utility in determining value. Additionally, it discusses the concept of wealth, economic growth, factor market, product market, productivity, investing in human capital, and division of labor.

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Comparing Value of Durable and Nondurable Goods: A Study of Actual Dollars and Cents

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  1. Create a Double Bubble Map comparing durable and nondurable goods

  2. Value • Actual Dollars and Cents people are willing to pay. • Why are some things more “valuable” than others? • Discuss with your elbow partner.

  3. Paradox of Value • Nonessential items have a higher value than essential items. • Water vs. Gold/diamonds/precious metals and stones

  4. Utility • For something to have value it most also have utility. • It must be useful or provide satisfaction. • Not fixed or measurable. • Varys from one person to the next • Make a list of 3 items that are useful to you, but not your partner.

  5. Joumaa, Labib (20085844)  ,  Mansour, Ghadir (20091958)  Bazzi, Hassan (20052499)  ,  Nasser, Saham (20063659)  Dakroub, Hussein (0581462)  ,  Jaber, Mohamad (20052997)  Maatouk, Rania (20052104)  ,  Fawaz, Reem (20052500)  Alnajjar, Zainab (20044224)  ,  Alkarem, Zainab A (20054577)  Bazzi, Zeinab J (20079791)  ,  Hassan, Yousef K (20076877)   Mohamed, Muna A (20102625)  ,  Ghamlouch, Zeinab (20093889)  Hammad, Noor (0585172)  ,  Abdelrahman, Adam R (20071660)  Chahrour, Eva (20043611)  ,  Ajrouche, Mariam (20052075)   Nasser, Sahar I (20052107)  ,  Altarjoman, Moustafa (20097668)  ,  Faraj, Hussien (20047352)   Ajamy, Celine (20059232Bazzi, Hussein A (20054547)  ,  Hamade, Hadi A (0581889)  Chamas, Diana F (20055290)  ,  Saad, Navine (20085446)  Shajrah, Sulaimaan (0578429)  ,  Alhayani, Hussain S (20082513)  Kleit, Mouhamed (20098615)  ,  Dia, Israa M (20098828)  

  6. Wealth • Tangible • Scarce • Useful • Transferable

  7. Nations Wealth • All Tangible items • Natural Resources • Buildings, houses, • Factories, Stores • Furniture, clothing books, video games, • ANYTHING THAT CAN BE EXCHANGED (bought and sold) • NOT SERVICES

  8. Economic Growth • Nations total output of good and services increases.

  9. Factor Market • Our place of work. • Where we Make the money we like to spend

  10. Product Market • Stores, Malls • Places we (individuals) go to buy our goods and spend our Hard earned money

  11. Productivity • Increase in production. • Ex. Make 20 Chairs a Day for a week then the next week make 25 Chairs a day.

  12. Investing in Human Capital • Governments: Providing education, health care • Businesses: Trainingemployees • Individuals: Education

  13. Division of Labor and Specialization of Labor • Division of Labor • Specialization of Labor

  14. Complete • Pg. 17 • 2-8

  15. Adam Smith • Pg. 18 • Read. Take notes on Adam Smith

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