The Main Difference Between a Service and a Retail Business

question 58

Multiple Choice

The main difference between a service and a retail business is that service businesses:

• A) sell services rather than goods.
• B) sell directly to consumers.
• C) buy and sell goods in bulk.
• D) convert raw materials into finished goods.

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Definitions:

Learned

Pertains to knowledge or skills acquired through experience or education.

Arousal

A physiological and psychological state of being awake or reactive to stimuli.

Mental Resources

Cognitive capacities and energy available to an individual for executing tasks, processing information, and making decisions.

Kahneman

Daniel Kahneman is a psychologist known for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the Nobel Prize in Economic Sciences.