Question

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

Hint:

Not all consumption goods are durable; some are non-durable and are consumed quickly, like food and drinks.

Answer 1

This statement is False. Not all consumption goods are durable in nature. Consumption goods can be classified into two types: durable goods and non-durable goods.
1. Durable Goods:
These are goods that have a long life span and provide utility over a long period of time, such as cars, refrigerators, and electronics. They are typically used for several years and do not need to be replaced frequently.
2. Non-Durable Goods:
These are goods that are consumed quickly and have a short life span, such as food, beverages, and toiletries. These goods are used up in a short period and need to be repurchased frequently.
Thus, the statement is false because only a subset of consumption goods are durable. Many essential consumption goods are non-durable.