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What Is the Market Area of a Service and Why

question 43

Essay

What is the market area of a service and why is that important?


Definitions:

Economy

A social institution that determines how a society produces, distributes, and consumes goods and services.

Produces

Creates or manufactures goods or outcomes through a process of effort or operation.

Distributes

refers to the process of giving or delivering something to a number of recipients, spreading items or resources evenly or according to a plan.

Consumes

To utilize something as a resource, often referring to the act of eating or drinking, but can also mean the usage of goods, services, or information.

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