A Product Need Not Be a Physical Product

question 375

True/False

A product need not be a physical product.

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Definitions:

Labor

The application of human physical and intellectual labor in the manufacture and provision of goods and services.

Natural Resources

Materials or substances such as minerals, forests, water, and fertile land that exist in nature and can be used for economic gain.

Opportunity Cost

The act of losing possible benefits from other routes when a single path is chosen.

Trade

The exchange of goods and services between individuals, businesses, or countries, which can be domestic or international in nature.