Over the Last Three Decades in the United States,services Have

question 1

True/False

Over the last three decades in the United States,services have become a smaller fraction of GDP relative to goods.

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Definitions:

Work in Process

The portion of inventory that is in the production process but has not yet been completed.

Finished Goods

Goods that are fully manufactured and available for sale to buyers.

Raw Materials Used

The total quantity of raw components consumed in the production process to manufacture goods.

Raw Materials Inventory

The total cost of all the components lying in a manufacturing or production facility that have not yet been used or processed.