The Difference Between a Product and a Service Is That

question 1

True/False

The difference between a product and a service is that a product is a bundle of output while a service is a bundle of supplementary services.

---

Definitions:

Ability

The possession of the means or skill to do something.

Satisfy Wants

The fulfillment of human desires or needs through the consumption of goods and services.

Utility

In economics, utility is the satisfaction or benefit derived by consumers from consuming goods or services.

Data

Information collected for analysis or used to reason or make decisions.