Product Is a Good,service,or Idea Consisting of a Bundle of Tangible

question 202

Multiple Choice

product is a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange

• A) only for legal tender (money).
• B) for providing value.
• C) only for barter.
• D) for a person's time and effort.
• E) for money or something else of value.

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Definitions:

Command Economy

An economic system where the government controls all major aspects of production, investment, and distribution.

Laissez-Faire

An economic theory from the 18th century that is strongly against the government interfering in the marketplace.

Invisible-Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interest inadvertently benefits society at large.

Command Economy

An economic system where the government or central authority makes all decisions regarding the production and distribution of goods and services.