Glossary

Benefit - The amount of 'good' received in consuming a physical good or a service; related to utility.

Cost - The amount of money or other resource required to commensurate for a given good or service.

Good - A good is a physical item to which value can be attributed. Goods may be durable (e.g., wood, metal, stone) or nondurable (e.g., food). Goods possess economic utility.

Service - A service is a nonmaterial analog to a good, in the sense that it can also be valued and possesses utility. An example of an ecological service is remi-neralization of nitrogen by soil microbes.

Utility - In economics, utility is a measure of the satisfaction derived by humans from consuming goods and services.

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