Which of the Following Is a Convenience Product

question 11

Multiple Choice

Which of the following is a convenience product?

• A) a tuxedo
• B) a computer
• C) a loaf of bread
• D) a vacuum cleaner

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Definitions:

Factors of Production

Resources used in the creation of goods and services, including land, labor, capital, and entrepreneurship.

Firms

Business organizations engaged in professional, commercial, industrial, or service activities.

Human Capital

The collection of capabilities, learning, and experiential wisdom available to a person or society, assessed based on their contribution in terms of value or expense to an organization or a nation.

Skill Development

The process of identifying, cultivating, and enhancing abilities, knowledge, and competencies in order to improve personal or workforce performance.