Answer:
Production and consumption are at the same time.
Explanation:
A basic difference between a good and a service is that the consumption and production of a service take place at the same time. While good can be produced at some point in time and consumed later. Unlike goods, services cannot be stored in inventory.
That is why unlike a good, consumers can be more involved in the production of a service. This provides greater satisfaction to the consumers.
Answer:
The price is above equilibrium; quantity supplied is more than quantity demanded.
Explanation:
A surplus in the market means the actual price of a product is above the equilibrium point. The quantity supplied is much more than the quantity demanded. A considerable population of buyers will not afford the product due to its high price.
Higher prices will cause the demand for goods to decrease in the market. When there is a surplus in the market, sellers will tend to reduce the price hence increasing the quantity demanded. This will decrease the quantity supplied. The buyers will now afford the product.
A measure of social class that is based on income, wealth, prestige and power is called socioeconomic status.
What is Socioeconomic Status?
A person's socioeconomic status is a combined economic and sociological assessment of their level of education, employment history, access to resources, and standing in society.
Therefore,
A measure of social class that is based on income, wealth, prestige and power is called socioeconomic status.
To learn more about socioeconomic status from the given link:
brainly.com/question/8625928