A Product Is a Good, Service, or Idea Consisting of a Bundle

question 330

Multiple Choice

A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is

• A)received in exchange for legal tender (money).
• B)received in exchange for money or something else of value.
• C)provides the seller with a tangible profit.
• D)a tangible good received in exchange for a person's time and effort.
• E)a tangible good received in exchange for providing value.

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Definitions:

Net Present Value

The difference between the present value of cash inflows and the present value of cash outflows over a period of time, used in capital budgeting to assess the profitability of investments.

Manufacturing Machinery

The equipment and machines used in the process of producing goods in manufacturing facilities.

Future Cash Flows

Estimates of future financial transactions that involve the inflow or outflow of money from a particular operation or investment.

Present Value

The current worth of a future sum of money or stream of cash flow given a specified rate of return.