Pick a product that is currently being sold, and analyze its economic utility,
Answer:
C. It is transforming industries and is highly welcomed by those who believed their jobs were protected from foreign competition.
Explanation:
Globalization is integration of world economies. it has created threat to the employment opportunities in the developed countries since the large number of jobs are being outsourced to other countries.
Answer:
Service facilities must be located close to suppliers and laborers.
Explanation:
Services, unlike products, are intangible and are not produced or delivered the same way as products are.
<u>While production facilities for products, should be located close to suppliers and laborers, this is not the case with service facilities.</u>
<span>Perishability of the service sector. Perishability occurs because services cannot be stored for sale in the future. An empty seat in a plane can't be utilized after takeoff; a restaurant will have to serve fresh food because the previous food would be spoilt. There are many factors that causes service capacity perishability but demand seem to be the chief factor. Demand can vary by the season, time, and cycle; it is quite difficult to forecast sales. Once a service is lost, it is forver lost. And this is because like I said earlier most services cannot be stored, saved, retrieved, once they have been un-used. On a bad day, If a hotel manager end up with too many staff or few bookings. This, of course, means that he will be making losses because revenues from his unrented hotel room are lost forever.</span>
