Goods and Services.

A little gem of a conversation from my Intro to Economics discussion group.

Yo: "So we get utility, or satisfaction, from goods and services. Who can give me an example of a service?"
Girl in 3rd Row: "Prostitution!"
Yo: "Uhm... yes. A very old service. Who can give me a LEGAL example?"
Girl in 3rd Row: "It's legal in Nevada."
Yo: "Fair enough. Who can give me an example of a good?"
Girl in 3rd Row: "Chocolate!"
Yo: "This is going to be one of THOSE classes isn't it?"

This of course posed a problem for me because I was hoping to develop step by step the "forms of utility" for both a good and a service: elementary (raw good gives utility just as iteslf: i.e. cocoa bean), form (put through production adds to the utility: i.e. Hershey bar), place (shipping of the good, but also location it is consumed in), time (the actual time you consume the good or service can vary the utility), possession (the actual exchange of the good for money leads to higher utility as well: the satisfaction of owning something).
That is really easy for chocolate. Not so much for the other example I was given. Skipped that one.

Best part of my day: Using the South Park episode "Cartmanland" to explain the flaws of the barter system, specialization in economics, costs and benefits, and I can use it for a few other things too, later on.

By the way: the winners of the "best test questions" for our principles of micro class last semester are now in.

Third place:
"How can the gov. improve market outcomes?" By printing too much money.
(one of my students). 0 points.

Second:
"What is the free rider problem?" Hippies gather and slowly form jam festivals.
(one of my students). +4 points.

FIRST PLACE, a surprise win that came from the final exam:
"What is predatory pricing?" My father was killed by predatory pricing... I don't want to talk about it.
(one of my colleague's students). +3 points.