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

question 250

Multiple Choice

A product is a good, service, or idea consisting of a _________ that satisfies consumers' needs and is received in exchange for money or something else of value.

• A)promise or commitment from the seller
• B)bundle of tangible and intangible attributes
• C)bundle of tangible attributes
• D)bundle of intangible attributes
• E)component parts

---

Definitions:

Productivity of Labor

The measurement of the amount of goods and services produced per hour of labor.

Technological Improvement

Innovations and advancements in technology that enhance productivity, efficiency, or the quality of goods and services.

Wage Increase

An upward adjustment in the amount of money paid to an employee for their labor.

Workers' Union

An organization that represents the collective interests of employees, negotiating wages, work hours, and working conditions with employers.