GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are two categories of outputs. What are they?
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Goods and values
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Goods and services
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Services and services
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Goods and things
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Explanation:
Detailed explanation-1: -Goods and services can be classified into two basic categories, i.e., free goods and Economic goods.
Detailed explanation-2: -What is output? Output is a quantity of goods or services produced in a specific time period (for instance, a year). For a business producing one good, output could simply be the number of units of that good produced in each time period, such as a month or a year.
Detailed explanation-3: -The output of a business is goods and services. These are destined either for other firms or for the domestic consumer.
Detailed explanation-4: -Products may be classified into two categories ‘consumer products’ and ‘industrial products’. Explain three major categories of industrial products.
There is 1 question to complete.