Services Have Six Basic Characteristics: Intangibility, Inseparability of Production and Consumption

question 182

Multiple Choice

Services have six basic characteristics: intangibility, inseparability of production and consumption, perishability, client-based relationships, customer contact, and

• A) labor-intensiveness.
• B) orientation toward value.
• C) homogeneity.
• D) heterogeneity.
• E) specialization.

Understand the role of leadership and role models in promoting ethical behavior.

Recognize the importance of whistle blowing in maintaining ethical standards.

Explain the classification of factory employees' work in producing goods.

Distinguish between direct and indirect materials, and labor in the cost structure.

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Definitions:

Common Shares

Equity securities that represent ownership in a corporation, providing voting rights and a share in the company’s profits through dividends.

Founders

Individuals who establish a company or an organization, often involved in its early development and management.

Required Rate

The minimum return rate expected by investors or lenders on their investment or loan.

Constant Rate

A fixed rate that does not change over time, applicable in various financial, scientific, or technical contexts.