Question

"All consumption goods are durable in nature." Defend or refute the given statement with a valid argument.

Hint:

Consumption goods are classified into durable and non-durable goods. Non-durable goods provide utility for a shorter period and are often replaced more frequently than durable goods.

Answer 1

The statement "All consumption goods are durable in nature" is false.
- Durable Goods: 
These are goods that have a long life span, and can be used repeatedly over an extended period of time, such as cars, appliances, and furniture. 
- Non-Durable Goods: These are goods that are consumed immediately or within a short period of time, and are used up in a single or few uses, such as food, beverages, and toiletries. While durable goods are part of consumption, many consumption goods are non-durable. For instance, when people purchase groceries or clothing, these items are consumed or used up in a short period. 
Therefore, not all consumption goods are durable.