definition of products, goods and services

Q: The local power company A farmer's market Convenience stores

A: In Monopolistically competitive market, the sellers sell differentiated products which are close…

Q: What elements are included in the definition of a product?

A: To meet consumer wants, any good service or idea can be classified as a product. Hence any physical…

Q: Write a note on easy writing and discuss types of eassys

A: Essay writing would mean simple writing Writing that would include systematic paragraph…

Q: Circular flow of production process

A: Introduction Circular flow used to show how the economic activity works in an economy. There are two…

Q: A series of tasks that are completed in order to accomplish a goal for a business is known as a…

A: A series of tasks that are completed in order to accomplish a goal for a business is known as a…

Q: How crucial is utility for it organization

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: 10 units.

A: The market quantity demanded at a price equals the sum of the individual quantities demanded at that…

Q: What is the market price (market value) of the product?

A: Market price occurs at the point where the market demand and market supply curve intersect each…

Q: the quantity of a good or service which consumers want and have the ability to purchase

A: Quantity- It is the number or amount of goods or services.

Q: D and E

A: Game theory The strategic interplay of economic agents is modeled using game theory. One of the most…

Q: Please fill out the table attached and answer questions.

A:

Q: Factor of production

A: Factors of production are those which are used in the production process.

Q: The Process of Communication Essay

A: Communication is the process of bringing individuals together in order to organise them around a…

Q: C, E, and D

A: Opportunity cost=sacrifice/gain a.12/20=0.6 b.15/20=0.75 c.23/20=1.15 d.30/20=1.5

Q: Product life cycle of IKEA products

A: The life cycle of a product is the time from the first presentation of a product to the customer…

Q: Price and cost (dollars)

A: When there is only one seller and many buyers of a product or service, the market structure is a…

Q: Name two types of consumer market

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Best choice

A: Market demand refers to the collective demand of all the goods and services in the market at any…

Q: Cost and Revenue

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: What are your overall opinions on the quality and accessibility of online learning resources?

A: Online learning resources refers to the virtual way of teaching when teacher and students do not…

Q: Types of consumer goods

A: Consumer good is a final good purchased by a consumer.   Generally, there are 3 type of consumer…

Q: t is a reflection of the value place on a product or service.

A: Definitions of all the options are given below: 1. Utility - Utility is the satisfaction received or…

Q: Express your thoughts/ideas regarding the given topic "My home.

A: ANSWER:   MY HOME : * Home is place where we stay with our families and live safely :The saying East…

Q: d e f

A: The demand curve shows the inverse relationship between two variables, price and quantity demanded.…

Q: Total revenue is: a. Quantity sold times price b. Price times income c. Equal to costs of production

A: Total revenue, commonly referred to as gross revenue, is the sum of money that your company makes…

Q: importance of media, information, news, and technology literacy for a senior high school student.

A: In the modern era, information is the key. The one having information can excel his work and paves…

Q: what is the most important concept in satisfying needs and wants

A: A need is anything which is a basic necessity and is required to live. On the other hand, wants are…

Q: What is supplied

A: Demand is the quantity of an item or service that consumers buy at various prices during a specific…

Q: which technology change affect consumer taste

A: The Law of Demand states that as price rises, demand declines keeping tastes and preferences…

Q: difference between goods and services?

A: Economics refer to the study of allocation of scarce resources in the most optimal way, when the…

Q: Name and describe differences between goods and services other tangibility.

A: Goods and services are economic items that are demanded and supplied in a market. Goods are the…

Q: G

A: In case of fixed proportions production function, the isoquants are L-shaped and the production…

Q: Benefits of tourism

A: Tourism is important for the success of the various economies around the world. business enterprise…

Q: A sentence that contains a metaphor

A: Metaphor is a figure of speech that directly refers to some thing by way of mentioning another.

Q: difeerent between economic and economic scale

A: Economics is particularly associated with development and trade performance, and it employs formulas…

Q: Name the three general categories of Resources

A: 1:- Natural resources 2:- Human resources 3:- Capital resources

Q: Market forms

A: Market structure is a term used in economics to describe how various industries are classified and…

Q: Write a few sentences from the point of view of a first-time buyer when home appliances became…

A: The following problem has been solved as follows:

Q: see in

A: E onomic growth mostly occurs in large economies population.

Q: Roberta Y Clothing C. Anta X Food

A: In the commodity as well as factor market, the Edgeworth box is used to find out the contract curve.

Q: A term for when businesses produce goods and services that consumers don't want

A: The consumer requires consumer goods for the consumption purpose whereas investment goods for the…

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.