Which Statement Best Describes a Service

question 18

Multiple Choice

Which statement best describes a service?

• A) Services are physical objects.
• B) Services are intangible items.
• C) Services are thoughts about concepts, actions, or causes.
• D) Services are the benefits organizations receive in exchange for selling products.
• E) Services comprise the subset of tangible features of products.

---

Definitions:

GDP

GDP represents the aggregate financial or market worth of all completed products and services generated inside the confines of a nation over a defined timeframe.

Real GDP

The measure of the value of all goods and services produced within a country's borders, adjusted for inflation, over a specific time period.

GDP

Gross Domestic Product, the total market value of all final goods and services produced within a country in a given period, used as a broad measure of economic performance.

Deflation

A decrease in the general price level of goods and services, often leading to increased purchasing power of money.