The Basic Difference Between a Good and a Service Is

question 86

Multiple Choice

The basic difference between a good and a service is that a good

• A)provides intangible benefits.
• B)can be physically touched.
• C)is always less expensive than a corresponding service.
• D)generates greater interest among consumers.
• E)is more quickly forgotten by consumers.

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Definitions:

Evolution

Is the process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Technological Determinism

The theory that technology development drives societal change, with new technologies shaping economic, social, and cultural dynamics.

Nikolai Kondratiev

A Russian economist best known for proposing the theory of long economic cycles, or "Kondratiev waves," which suggest that capitalist economies experience long-term cycles of boom and bust.

Biotechnology

The use of living organisms or other biological systems in the production of drugs, agricultural products, and technologies.