Services Are Intangible Processes That Cannot Be Weighed or Measured

question 43

True/False

Services are intangible processes that cannot be weighed or measured.

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Definitions:

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology.

Capital

Refers to financial resources, machinery, and buildings used for producing goods and services.

Trade-Offs

Decisions made that involve choosing between benefits and drawbacks of different options, reflecting the concept of opportunity cost.

Resources

are assets, materials, or substances that are valuable for their utility in producing goods, providing services, or supporting life.