BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Service
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Profit
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Customer
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Economics
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Detailed explanation-1: -service. An action or activity done for others for a fee.
Detailed explanation-2: -Production – The creation or making of goods and services. The transformation of resources into goods and services. Productivity – The relationship between the output of goods or services and the input of resources.
Detailed explanation-3: -Definition: A producer is someone who creates and supplies goods or services.
Detailed explanation-4: -Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services. The output of a business can lie somewhere between these two concepts. For example, a landscaping company could sell a homeowner a tree (goods) and also mow the lawn (a service).