Goods Can Be Defined in Terms of Their Physical Attributes

question 147

True/False

Goods can be defined in terms of their physical attributes, but services cannot because they are intangible.

---

Definitions:

Equally Desirable

A situation or choice where all available options are perceived to have the same value or appeal.

Individualist Cultures

Societies where personal achievements and independence are emphasized over group goals.

Collectivist Cultures

Refers to societies that prioritize the group over individual interests, emphasizing family ties, social cohesion, and interdependence.

Experience Dissonance

A psychological phenomenon where there is a conflict between one's beliefs and behaviors, often causing discomfort that leads to an attempt to reduce the inconsistency.