1. Name a good or a type of good (a) that you would like to learn more about, or
ID: 1150184 • Letter: 1
Question
1. Name a good or a type of good (a) that you would like to learn more about, or else (b) that you would like to have and that you might consider buying in the next 5 years. Whether you pick (a) or (b), try to pick a somewhat unusual good that I or some of your classmates probably haven't heard of. Describe the good briefly, telling why it is interesting or desirable. 2. Explain what a market is by writing a single definition of the term "the market" as it is used in expressions like "the market for wheat," the legal US market for kidneys," and "the market for the common stock of a particular US corporation." Explain why your definition is broad enough to apply to all markets, including each of those listed above. Also explain why your definition is narrow enough to exclude things that are not markets. A good definition captures the most essential features that all markets have in common. If a market's characteristics listed in your definition change, we should be able to agree that the market has changed. 3. We say that two or more agents or two or more objects share a good or service during a fixed period if they each interact with the good or service in a way that benefits or affects them or some other agents, without any change in the ownership of the good or service. (We do not say that agents 1 and 2 share a good if agent 1 owns and uses it, then sells it to agent 2, who then uses it.) A good or service is shareable during a fixed period if it can be shared by more than one agent or more than one object. Different units of partially produced output on an assembly line share the machines and workers of the assembly line. The different units are acted on by the same machines and the same workers. In class we will discuss goods that are shareable and other goods that are not. Goods that are not shareable include goods that are ingested, such as food, drinks, and medications; also, goods that are "used up" when one agent uses them, such as toilet paper a. Give an example of a good or service that is "intangible" (not a physical commodity) and is NOT shareable and not provided by a government. Explain briefly why it cannot be shared b. Does sharing commonly occur in the production of the kind of good or service in your example in part a? If so, explain what kind of sharing, and what objects or agents share what good or service. If not, explain how we can tell that no sharing occurs in the production of that good or serviceExplanation / Answer
Answer 1:
One of the goods that is gaining a lot of importance these days is Shale gas. The product is still in the stage of manufacturing and it will take some time for the gas to hit the markets completely. Shale gas will replace crude oil in the market and help in reducing pollution levels in the country. It will take some time for experts to produce it and increase its production as highly advanced technology is required for its production. It will become next big thing in countries as it can be used as oil and also with no pollution. Thus, I fins the product interesting and desirable for further studies once it hits the market completely.
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