What are Durable Goods?

The video tutorial explains the concept of durable goods, which are consumer goods that last for three or more years. Examples include appliances and cars. These goods are not purchased frequently due to their long lifespan, which is why they are termed 'durable'. The tutorial provides a clear understanding of the characteristics and examples of durable goods, emphasizing their longevity and infrequent purchase cycle.

What is the primary focus of the introduction in the video?

• The future of consumer goods

• The economic impact of services

• Types of goods and services, particularly durable goods

• The history of goods and services

Which of the following is a characteristic of durable goods?

• They last for three or more years

• They are intangible

• They are purchased daily

• They are consumed quickly

Which of these is an example of a durable good?

• A smartphone app

• A refrigerator

• A loaf of bread

• A concert ticket

Why are durable goods not bought frequently?

• They are too expensive

• They are not needed often

• They last for a long period of time

• They are hard to find

Where does the term 'durable goods' originate from?

• Their long-lasting nature

• Their popularity among consumers

• Their ability to be recycled

• Their high cost