ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The given statement is False. Services are intangible and involve no physical transfer of goods. Services have economic value as it provides satisfaction to individuals by making their lives easy and comfortable.
Detailed explanation-2: -goods: the physical objects that someone produces.
Detailed explanation-3: -Services are actions or an action that someone does for you. Services are intangible property since you don’t receive anything solid and you don’t obtain ownership of the actions taken. The purchaser of a services gets something needed but does not own any tangible, solid or fixed property.
Detailed explanation-4: -A service is an act or use for which a consumer, firm, or government is willing to pay. Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for.
Detailed explanation-5: -Goods are physical objects such as clothes or shoes.