A "Product" Might Involve a Physical Good, a Service, or a Combination

question 268

True/False

A "Product" might involve a physical good, a service, or a combination of the two.

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Definitions:

Seller

A person or organization that provides products or services to customers or other companies for purchase.

Buyer

An individual or organization that purchases goods or services from a seller for money or its equivalent.

Consumer Surplus

The discrepancy between what consumers anticipate paying for a good or service and the actual cost they bear.

International Trade

The exchange of goods and services between countries, which can increase market competition and lead to better product diversity and lower prices.