ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Opportunity cost
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Factors of production
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Consumers
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Services
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Detailed explanation-1: -haircuts, repairs to home appliances and entertainment are examples of services.
Detailed explanation-2: -Examples of consumer goods include food, clothing, vehicles, electronics, and appliances. Consumer goods fall into three categories: durable goods, nondurable goods, and services.
Detailed explanation-3: -Common examples of these are food, beverages, clothing, shoes, and gasoline. Consumer services are intangible products or actions that are typically produced and consumed simultaneously. Common examples of consumer services are haircuts, auto repairs, and landscaping.
Detailed explanation-4: -Consumers are people who buy or use goods and services to satisfy their wants. When you eat your dinner, you will be a consumer.