Services Have Four Unique Characteristics That Distinguish Them from Goods

question 43

Essay

Services have four unique characteristics that distinguish them from goods.Name and define each of these four characteristics.

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Definitions:

EpiPens

A brand of auto-injectable devices containing epinephrine, used to treat severe allergic reactions quickly.

Price Hike

An increase in the price of goods or services, often due to factors such as inflation, increased production costs, or supply and demand imbalances.

Allergic Reactions

Immune system responses to a foreign substance that's not typically harmful to the body, like pollen, food, or pet dander, leading to symptoms such as sneezing, itching, or more severe reactions.

Congressional Budget Office

A federal agency within the legislative branch of the United States government that provides budget and economic information to Congress.