Question

Historically, economic reports identify activities as ""service producing"" that are,

1. Manufactured
2. Construction
3. Goods producing
4. Not goods producing

Answer 1

Option (3), Economic reports classify service producing activities as those not involved in creating physical goods, with majority of the GDP now comprised of services such as healthcare and education.

Step-by-step explanation:

Historically, economic reports identify activities as "service producing" that are not goods producing. This distinguishes them from activities related to manufacturing or construction, which are typically classified under the umbrella of goods producing sectors.

Economic changes have led to a shift where the majority of the Gross Domestic Product (GDP) is now comprised of services rather than physical goods. Service industries include sectors like healthcare, education, and financial services. The transition reflects a shift in the nature of work, emphasizing the role of tertiary and quaternary activities like information processing and management that produce services rather than tangible products.