The characteristics of a service are intangible, inseparable, perishable, heterogeneous and lack ownership. The marketing mix of a service is not perceptible and as the features of a service is distinctive to the features of a product, it has additional elements which are process, people and physical evidence.
There are two reasons help us to answer this question. Firstly, as it mentioned above, economics could provide supports to help people make right decisions. Everyone have to make a considerable amount of decisions in life and work, no matter they are politicians or housewives. For example, a wise politician makes use of economics theory to make economic decisions in order to run the country well and bringing prosperities to people. A smart housewife knows that breads’ and vegetables’ prices are economical in the afternoon under economics’ guidance. Some common rules hide incredible economics theories people might never notice because it seems so simple in the normal life. If we known these theories, we can take advantages of it to make right decisions at vital moment. Secondly, economics, as one of the most important subjects in academic circle, playing a significant role and affecting many aspects of our life. Before I study economics, I found many strange things whereas I can not explain by using common sense. For example, why are diamonds so much more expensive than water even thought water has vital importance to human existence than diamonds? Why does government levy taxes on merchandises to increase citizens’ financial burden? Why does the fast food restaurant drink can be refilled for free? After I learned the marginal cost and
Service is when someone uses their skill and effort to enrich the wellbeing of others. It is an inherited trait of every individual to look after himself or herself. Service is a benevolent or an altruistic effort in which the benefits typically used for oneself are offered to another. Temple hospital offers community health workers to patients who are in need.
One of the most important concepts of economics is supply and demand, which is the chief support of a market economy. The relationship between these two factors assists in outline the allocation of resources in the most effective way possible.
It is the study of resource allocation, distribution and consumption, of capital and investment, and of the management of the factors of production. (http://wikitionary.org/wiki/economics)
An economic system must solve the main ‘economic problem’ of a scarcity of resources matching unlimited wants and how to allocate these resources. Within different political and economic systems there are many different theories of how best solve the economic problem. For example; In free market economies;
According to (Lennan, 2008) service delivery is the provision of public goods or social , economic or infrastructural services to those who need them .The Education and Training Unit (2009 internet source) defines this as the supply or ability to provide basic services to the public and these have a “direct and immediate” consequence and impact on the...
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level.
First we will discuss product. Within marketing terms, the product can be defined as a good or service that is provided for consumption or use by a customer. An easy example of a service product is hotel customer service. Another example of a product service can be the omnipresent use of cell phones, pertaining to their service providers. Product goods are easy to define, with footwear manufactured by Nike, or soft drinks such as Coca Cola.
“ a bundle of goods and services that is provided in some environment ” 1
· Land: the land itself, and raw materials such as oil and minerals beneath it. The natural resources that is available without alteration or effort on the part of humans. Land as a resource includes only unique fertility and mineral deposits, topography, climate, water and vegetation. Trees grown are not categorized as land because they have been deliberately grown on the other hand Trees in a natural rainforest are a natural resource and thus classify as land. The reward for letting others use land is called rent.
Understanding what is meant by land is relatively simple. This comprises all of the natural resources that a particular producer has at their disposal. Most often this means immediate natural resources, like oil or the property on which the production facility is located. This can also include the water or ocean that is close to the facility. The factor of production called land most often comprises the natural and raw materials which are used in production and are at the disposal of the production facility.(2)
Assets are those things that are owned by an organization which have future economic value that are measurable and expressed in terms of monetary value. Basically assets are those resources which are acquired by a company through various transactions. (accounting coach, 2016)
The main method used by businesses to classify assets is to split them into tangible assets, which have a separate existence from the business (examples of which would include buildings, land and machinery), and intangibles which do not. Some clear examples of intangibles include goodwill, patents, research and development expenditure and trademarks. Intangible assets are usually created within the organisation over a period of time, by the company itself, rather than acquired from an external source and are rarely sold off individually they can normally only be sold in conjunction with associated tangible assets.
A service is something that cannot be touched. This means that it is harder to market, than a physical Product. Its quality cannot be perceived before it is used. This can complicate convincing a potential tourist to acquire the service and to choose one service offering over any other.