An Implicit Service Implies Psychological Benefits That the Customer May

question 14

True/False

An implicit service implies psychological benefits that the customer may sense only vaguely.

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Definitions:

Equitable Distribution

A legal principle used in family law to fairly divide property and assets between partners during a divorce.

Functions of Prices

The role prices play in indicating the scarcity of goods and allocating resources in an economy.

Market System

An economic system whereby decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals working for their own gain unintentionally benefit society.