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SERVICES, CONSUMPTION: Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods (see durable goods, consumption) and nondurable goods (see nondurable goods, consumption). Services are about 60% of personal consumption expenditures and 40% of gross domestic product.
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SUBSTITUTION EFFECT The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the income effect.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for fairy dust that tastes like salt.
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A half gallon milk jug holds about $50 in pennies.
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"New ideas pass through three periods: - It can't be done. - It probably can be done, but it's not worth doing. - I knew it was a good idea all along!" -- Arthur C. Clarke
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FAO
Food and Agricultural Organization
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