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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.
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What do consumers expect when they buy products and services?
When consumers buy goods and services, they expect them to be as good as the seller claims they are. They look for utility when they purchase the goods.
What are the 5 PS of Total Quality?
product, place, people, process and provision of services
What is the difference between the fact market and the product market?
The factor market is where resources, such as labor, capital, and land, are bought and sold to produce goods and services. In contrast, the product market is where finished goods and services are exchanged between producers and consumers. Essentially, the factor market deals with inputs used in production, while the product market focuses on the outputs of that production. Together, they form the basis of an economy's functioning, linking production and consumption.
What is the importance of market potential?
Market potential is the consumers or businesses that would possibly buy your products or services. It is important that you define your market potential early in the development stages of the business.
How do consumer groups benefit consumers?
The company can stay in business to provide services.
What is 'micro-financing'?
Microfinancing is the provision of financial services to low-income clients, including consumers and the self-employed, who traditionally lack access to banking and related services
What is micro-financing?
Microfinancing is the provision of financial services to low-income clients, including consumers and the self-employed, who traditionally lack access to banking and related services
What is a list of the three important roles consumers play?
services consumers producers workers
What is an antonmy for production?
An antonym for production is "consumption." While production refers to the process of creating goods or services, consumption involves the use or purchase of those goods and services by consumers. Essentially, production focuses on output, whereas consumption emphasizes input and utilization.
What are provision of services called?
Provision of services is like a contract that is made between two people or organizations.
What is an economic system in which production of goods and services is determined by demand from consumers?
A market economy is an economic system in which the production of goods and services is determined by the demand from consumers. Prices are set by supply and demand in the market, and businesses respond to consumer preferences in order to maximize profit.
What is the using of goods and services called?
Production is the creation of goods and services. It is used to help deliver what consumers need and want through consumption.
What are capitol goods?
The definition of capital goods are the goods that are used for production purposes. They create goods and services that can be used by consumers.
What are the two possible outputs from the production process?
The two possible outputs from the production process are goods and services. Goods are physical products that can be touched and seen, while services are intangible offerings that provide benefits to consumers. Both goods and services are created through the production process to meet consumer needs and wants.
When was Consumers Cooperative Services created?
Consumers Cooperative Services was created in 1920.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What is the impact of the free rider problem on public goods provision?
The free rider problem hinders the provision of public goods because individuals can benefit from these goods without contributing to their production. This can lead to underinvestment in public goods, as people may choose not to contribute financially if they can still enjoy the benefits. This can result in a lack of funding for important public services and infrastructure.
