Products and Services Fall into Two Broad Classifications Based on the Types

question 123

Multiple Choice

Products and services fall into two broad classifications based on the types of consumers that use them.Which of the following is one of these broad classes?

• A)industrial products
• B)specialty products
• C)supplies and services
• D)materials and parts
• E)convenience products

---

Definitions:

Cost Associated

Refers to the expenses linked to a particular action, activity, or decision.

All Decisions

The comprehensive range of choices or judgments made by individuals or organizations.

Zero Sum Fallacy

The incorrect belief that economic transactions are like a zero-sum game, where one party's gain is exactly matched by another's loss, ignoring the potential for mutual benefit.

Economic Pie

A metaphorical term referring to the total amount of wealth or resources available in an economy, which can be divided among individuals or groups.