Final answer:
Relatively small items that are used up quickly are considered consumable items, such as writing paper and food products. These items are distinct from durable goods, which last much longer, and they are a crucial part of consumption expenditure in the economy.
Step-by-step explanation:
Items that are relatively small and used up in a short time are known as consumable items. These are items like writing paper, food products, and gasoline that do not last for longer than six months when used regularly, as opposed to durable goods like televisions, refrigerators, and automobiles that provide value over a longer period, typically lasting three or more years. Understanding the difference between consumable and durable goods is essential for both personal finance and the broader economy, as they make up significant portions of consumption expenditure, impacting overall economic health.