Unlike Goods, Services

question 12

Multiple Choice

Unlike goods, services:

• A)are produced in a centralized location and consumed in decentralized locations.
• B)are tangible performances.
• C)are stored, warehoused, and inventoried.
• D)are more heterogeneous and less standardized and uniform.

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Definitions:

Behavioral Economists

Behavioral economists study the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Ethical Factors

Considerations related to morality, values, and principles that influence decision-making processes in business and other areas.

Economic Behavior

The study of how individuals, groups, and organizations make choices to allocate resources, including how they trade and make decisions under scarcity.

Ultimatum Game

A game in economic experiments where one player offers how to divide a sum of money with another player who can either accept or reject the offer.