Want this question answered?
production
Industry involves production of goods and services industry involves capital investment
What could be seen as the difference is that the service industries are respondsible for d production of services for human both tangible and intangible service while production industries are responsible for invention of both goods and services to satisfy human unlimited wants
It is the particular mix of goods and service most highly valued by society (minimum-cost production assumed).
Distinguish between economics activities and economics system
produce goods or service to the business
production
The service sector is a segment of the economy that provides intangible goods and services to consumers, such as healthcare, education, finance, and entertainment. It does not involve the production of physical goods.
Industry involves production of goods and services industry involves capital investment
Production management is an organized function within a business that deals with planning, forecasting and production or marketing of a product at all stages of its lifestyle. Operation management is concerned with overseeing, designing and controlling production and business operations during the production of goods or services.
What could be seen as the difference is that the service industries are respondsible for d production of services for human both tangible and intangible service while production industries are responsible for invention of both goods and services to satisfy human unlimited wants
Industry is a place where goods and service are produced by using fixed and variable factor of production.
production of goods was increased
The introduction of characteristics of service refers to identifying and understanding the unique attributes that differentiate services from goods. These characteristics include intangibility, inseparability, variability, and perishability, which impact how services are designed, delivered, and consumed. Understanding these characteristics is crucial for developing effective service strategies and enhancing customer experiences.
It is the particular mix of goods and service most highly valued by society (minimum-cost production assumed).
Distinguish between economics activities and economics system
Production of goods is important for services and companies because companies must produce in mass what goods or services consumers will purchase. If customers do not wish to purchase a certain good or service, then it could cost a company mass amounts of money if they have produced it.