Durable and Nondurable goods

In economics, a durable good is a good that last for over three years. A non-durable good is one that last for less than three years.
Some example of durable good are...cars, household appliances, and televisions.




Some examples of non-durable goods are...cosmetics, food, and fuel.

Entrepreneurial Ability

Entrepreneurial Ability is the human resource that combines the other resources to produce a product, makes non routine decisions, innovates, and bears risk. (McConnell and Brue). I learned that definition in class a few weeks ago but I still don't quite understand it.
To better understand the subject I googled Entrepreneurial Ability and came to this helpful website that explained to me the four basic components to it.
http://www.smallbusinessnotes.com/choosing/issues.html

1. An entrepreneur is the one who takes the initiative to combine land, capital, and labor to produce a good or service in what is hoped will be a profitable venture.

2. An entrepreneur is a person who makes basic business policy decisions that set the course of the business enterprise.

3. An entrepreneur is an innovator - a person who attempts to introduce on a commercial basis new products, new productive techniques, or even new forms of business organization.

4. An entrepreneur is a risk taker, risking not only time, effort and business reputation, but his or their invested funds and those of associates or stockholders.

The availability of these resources directly affects how robust the economy is.

Historically, being entrepreneurial has been outside the mainstream of the business.

Today, with the internet boom, entrepreneurs have become one of the most dynamic forces in the economy.

I now completely understand Entrepreneurial Ability.

Some examples of entrepreneurs are Benjamin Franklin, Thomas Edison and Henry Ford. More present entrepreneurs would be people like Betsy Johnson and Russell Simmons.

Utils

The other day in my Macroeconomics class we were supposed to have read the notes that were assigned and discuss them in class. Though some students may have read them, including myself, the question about the readings that my professor was asking was just not clicking for us! Our class lasted only 15 minutes long and was unsuccessful because it seemed no one was prepared.
We were talking about utility which is the amount of satisfaction or pleasure the consumer gets out of a good. Utility is measured in Utils and our professor gave us a scenario. "If I just ate a Snickers Bar and I got 5 utils from it, then she (pointing to another student) just ate a Snickers Bar too and got 20 thousand utils out of it, what does that mean." No one had anything to say because it seemed no one knew.
Everyone was frustrated and class got out early. As soon as i got home i went on the computer and looked up in the notes what it was she was asking about utils. It simply said that utils cannot be compared between individuals so the answer was the we could not tell who got more utility out of the Snickers Bar.
Later that night i took the quiz we were supposed to take after reading those notes. Sure enough the first question was just like the scenario our professor gave us and i was so glad i actually knew the answer this time.
When it came time for our next class i was so ready for our professor to ask us again about utils I was about to burst thinking that i knew the answer.
It just goes to show that it pays to be prepared for class. And now i can brag to my family and friends that I know what utils are and they dont!

Macroeconomics

I am taking a Macroeconomics class at Manatee Community College this fall semester. Before this class I never really understood economics but since taking this class my knowledge on the subject has broadened.

We started out doing a questioner about learning styles and once we discovered our learning style we wrote about our learning style and tried to give our professor ideas of how we would learn the best. She has done very well so far using a lot of pictures for visual learners, like me, as well as using charts and graphs.
So far we have learned what I feel are going to be the basics of economics. Such as learning what the actual definition of economics is and the criteria that goes with economics. We learned what resources are and the different types of resources as well; Land, Labor, Capital, and Entrepreneurial Ability.
I understand everything about all of the resources except for Entrepreneurial Ability but I'm not too worried about it, I'm sure we will cover it more in class.