Products and Services Fall into Two Broad Classifications Based on the Types

question 22

Short Answer

Products and services fall into two broad classifications based on the types of consumers that use them.One of these broad classes is known as _______________.

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Definitions:

Price Index

A statistical measure that examines and tracks the changes in price levels of a basket of goods and services over time, used to measure inflation or cost of living changes.

GDP Deflator

A metric reflecting the price rates of freshly created, domestically made, final goods and services in an economic system.

Consumer Price Index

An indicator that evaluates the weighted average cost of a collection of consumer products and services like healthcare, food, and transportation.

Purchasing Power

The worth of a currency represented by how much goods or services can be purchased with one unit of that currency.