ECONOMICS (CBSE/UGC NET)

ECONOMICS

GDP

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What is an example of a good and/or service?
A
giving advice to a friend
B
receiving a grade on your homework
C
paying a repairman to fix your bike
D
playing in a public park
Explanation: 

Detailed explanation-1: -A bike service is a type of maintenance that is carried out on a bicycle. There are many different levels of service. Some may be basic, and others will be more in-depth and possibly include updating of components and/or changes.

Detailed explanation-2: -Financially speaking, repairing an old bike is not worth it, as it can cost as much as buying a new bike. For many, fixing an old bike is a tempting job, but commonly we misjudge the amount of time and money it will take to bring it back to its former glory.

Detailed explanation-3: -On average, a bike mechanic makes $29, 282 a year according to data from PayScale. Hourly, that’s about $12.82. Pay can increase depending on a bike mechanic’s level of experience, education, and certifications. They may also get commission, bonuses, and overtime pay that boosts income.

Detailed explanation-4: -Step 1: Formulate a business plan. A bike repair business plan will have many components, just like a typical business plan. Step 2: Choose a Location. Step 3: Legal Registration and Bank Account. Step 4: Business Accounting and Management. Step 5: Sustain and Grow Your Business. 25-May-2021

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