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.

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Definitions:

Subsidization

The act of providing financial aid or support by a government or organization to lower the cost of producing goods or services.

Monopoly

A market structure characterized by a single seller, offering a unique product or service with no close substitutes, leading to the control of a particular market.

Gross Investment

The total expenditure on new capital assets (plant, equipment, buildings) before accounting for depreciation.

Net Export

The value of a country's total exports minus its total imports, representing the balance of trade.