ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cost
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product
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the answer is not here
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None of the above
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Detailed explanation-1: -There isn’t a single word in general use, which is why in many contexts people often use products (or commodities) to mean both physical items and services.
Detailed explanation-2: -Goods and services are the output of an economic system. Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients. Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services.
Detailed explanation-3: -Alternate Synonyms for “use of goods and services": consumption; economic consumption; usance; use; demand.
Detailed explanation-4: -A good is a tangible item that consumers desire or own. A service is not a tangible or physical entity but is still sought after by consumers. Often, a service can also be performed at a distance.
Detailed explanation-5: -Economic commodities comprise goods and services.