Answer:
The seven differences between goods and services are:
- intangibility: goods are tangible products, e.g. you can touch them and hold them, while services are intangible, you can use them (e.g. you fly on a plane) and even measure how much they satisfy your needs, but you cannot touch flying, it is an action.
- ownership: you can buy a good, e.g. if you are rich enough you can buy an airplane, but when you purchase a plane ticket you are entitled to using a certain service, you are assigned a seat and you fly inside the airplane, but you do not own anything besides your personal belongings.
- involvement of consumers: consumers are not an active part in the production process of a good, while consumers are an essential part in the process of producing a service, e.g. you buy a ticket and you fly in the plane, no one else can fly for you.
- quality: mass produced goods tend to have a similar quality while the quality of services can vary a lot, e.g. your plane might be late, or you can get sick while flying, or you might enjoy your flight.
- customer evaluation: when you purchase a good, you can easily decide if the good satisfies your need completely or not, while a flight can be on time (good service) but there might have been a lot of turbulence (bad service).
- inventories are absent: goods can be stocked, services cannot. There are usually empty seats during a flight, but a seat not taken today cannot be added to the total number of seats available tomorrow.
- importance of time: if you purchase a good, it doesn't matter if you decide to use that good immediately or not, while a service is produced and consumed at the same time, e.g. the airline company is providing the flight service during the time that you are actually flying.
Answer:
$500
Explanation:
The computation of the current prevailing weekly wage rate in the labor market is shown below:
= Firm weekly revenues for firm's total weekly output of 111 units - Firm weekly revenues for firm's total weekly output of 110 units
= $25,750 - $25,250
= $500
Simply we deduct the revenue of 111 units by the revenue of 110 units, so that the actual wage rate can come
Answer:
(D) All of the above
Explanation:
Residents of rich countries are likely to have housing, healthcare and life expectancy in bigger quantities and better quality than residents of poor countries
Answer:
1. Mutual exclusivity
Explanation:
This researcher did not address the aspect of mutual exclusivity well enough as evidenced in options c and d in the coding above.
This is because option d says full time students. Option d is not mutually exclusive as a student can be a full time student and work part-time, and one can be a full time student and also be unemployed or employed full time
