A Hotel Room That Goes Unrented, a Dental Appointment That

question 25

Short Answer

A hotel room that goes unrented, a dental appointment that no patient booked, and an airline seat that went unsold, are all examples of __________ in services inventory.

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Definitions:

Rationality

The quality of being based on or in accordance with reason or logic, often associated with decision-making processes that are efficient or optimal.

Scarce Resources

Limited availability of inputs required to produce goods and services, such as labor, land, and capital, necessitating choices and priorities in their utilization.

Unlimited Wants

The concept that human desires and aspirations are endless, which drives continual economic demand and consumption.

Scarce Resources

Natural or man-made assets that are limited in supply, making them valuable for the production of goods and services.