Service Technologies Are Considered to Be Labour- and Knowledge-Intensive, While

question 18

True/False

Service technologies are considered to be labour- and knowledge-intensive, while manufacturing technologies tend to be capital-asset-intensive.

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Deadweight Loss

The decrease in economic productivity that happens when a good or service does not reach, or cannot reach, its equilibrium point.

Consumer Surplus

The difference between the maximum amount consumers are willing to pay for a good or service and the actual amount they do pay.

Tax Revenue

The wealth accumulated by governments through the process of taxation.