______ Refers to How Well the Product or Service Serves

question 214

Short Answer

______ refers to how well the product or service serves its intended purpose at a price customers are willing to pay.

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Definitions:

Economic Resource

Assets, materials, and inputs used to produce goods and services, including labor, capital, land, and entrepreneurship.

Money

A medium of exchange that is widely accepted in transactions for goods and services and repayment of debts.

Uninsurable Risk

A risk that cannot be covered by an insurance policy due to its high probability of occurring or the inability to accurately price it.

Sources

Refers to the origins or providers of information, materials, or financial resources.