A(n) ________ Is Defined as a Tangible Good, Service, Idea

question 5

Multiple Choice

A(n) ________ is defined as a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process.

• A) augmented product
• B) service
• C) core product
• D) product
• E) innovation

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Definitions:

Economists

Professionals who study the production, distribution, and consumption of goods and services, focusing on factors that influence economic decision-making.

Scientists

Professionals who engage in systematic activity to acquire knowledge that describes and predicts the natural world.

Opportunity Cost

The cost of choosing one alternative over another, representing the benefits you could have received by taking the next best alternative.

Production Possibilities

Production possibilities represent the different combinations of goods and services that a society can produce, given its available resources and technology, demonstrating trade-offs and opportunity costs.