A Service Is Intangible and Is the Result of the Application

question 258

True/False

A service is intangible and is the result of the application of human or mechanical efforts to people or objects.

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Definitions:

Consumption

Spending by households on goods and services, with the exception of purchases of new housing.

Money Balances

The total amount of money held by individuals or entities in the form of cash or bank deposits.

Wealth Redistribution

The transfer of income and wealth from some individuals to others by means of a social mechanism such as taxation, public services, or welfare.

Inflation

The pace at which overall costs for products and services increase, diminishing the buying power.