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What are the main characteristics which distinguish service from goods production?
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In the circular flow model what generates demand for goods and service?
production
What are the Characteristics of large scale industries?
Industry involves production of goods and services industry involves capital investment
What is the difference between service and production industries?
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
What is allocative efficiency?
It is the particular mix of goods and service most highly valued by society (minimum-cost production assumed).
What is the difference between economic systems and economic activities?
Distinguish between economics activities and economics system
What are the functions of production department?
produce goods or service to the business
In the circular flow model what generates demand for goods and service?
production
What is the definition of service sector?
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.
What are the Characteristics of large scale industries?
Industry involves production of goods and services industry involves capital investment
Distinguish between production and operation management?
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 is the difference between service and production industries?
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
What does the description of the industry mean?
Industry is a place where goods and service are produced by using fixed and variable factor of production.
What impact did technological advances have on the production goods?
production of goods was increased
What is allocative efficiency?
It is the particular mix of goods and service most highly valued by society (minimum-cost production assumed).
What is the difference between economic systems and economic activities?
Distinguish between economics activities and economics system
What are the characteristics of goods?
Goods are described as any tangible product that is traded or sold. The characteristics of goods are physical properties and marketability.
How is production important in the provision of goods and services to consumers?
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.
