Services Are Often Knowledge-Based

question 49

Essay

Services are often knowledge-based. Provide two examples, and explain why they are knowledge-based.

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Definitions:

Cost

The value, usually in monetary terms, required to produce, acquire, or maintain a good or service.

Insurance

A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.

Breach of Warranty

A violation of the terms of an express or implied warranty, where the promised standard or quality of a product or service is not met.

Consideration

A fundamental component in contract law that involves something of value exchanged between parties, making the agreement legally binding.