A Service Economy Is One in Which More Effort Is

question 170

True/False

A service economy is one in which more effort is devoted to the production of goods than to the production of services.

---

Definitions:

Good Y

Refers to a specific product or commodity in an economic model or discussion, distinct from others by its characteristics or use case.

Budget Constraint

The limitations on the consumption patterns of individuals or households, given their income and the prices of goods and services.

Choice Set

A collection of all possible options available to a consumer or decision-maker.

Choice Set

A collection of all the possible options available for a consumer to choose from in making a decision.