5 Questions
What is the primary reason for the increasing characterization of the world economy as a service economy?
The increasing importance and share of the service sector in most developed and developing countries
What does economic history indicate about the shift in the mainstay of the economy for developing nations?
Shift from agriculture to industry and then to the service sector
How are goods and services now defined in relation to each other?
Goods and services are increasingly considered interconnected on a goods-services continuum
What are some examples of core product offerings that comprise services?
Hospitals, hotels, banks, colleges, airlines
What are the essential characteristics of services as mentioned in the text?
Output is not a physical product, generally consumed at the time it is produced, provides added value in forms like convenience, entertainment, timeliness, comfort, or health
Test your knowledge of the service economy with this quiz! Explore the key concepts, trends, and impacts of the service sector on the global economy. From the rise of service industries to the role of technology, this quiz covers essential aspects of the service economy.
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