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Which of the following is an example of a service firm?

a. Cotton mill
b. Mine
c. Juice factory
d. Landscape company

User Fabis
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1 Answer

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Final answer:

A landscape company is an example of a service firm, which offers expertise or work rather than physical goods. Contrarily, a cotton mill, mine, or juice factory produce tangible goods, placing them in the manufacturing and primary industry sectors.

Step-by-step explanation:

Among the options provided, d. Landscape company is an example of a service firm. Service firms provide intangible products, such as work or expertise, rather than physical goods. In contrast, a cotton mill, a mine, and a juice factory all represent companies that produce tangible goods and therefore fall under the category of manufacturing or primary industries.

Service firms can range from personal services like landscaping and plumbing to professional services such as journalism, law, and medicine. Manufacturing firms, which include textile manufacturers and juice factories, deal with competition from other manufacturers, often in different parts of the world, as businesses seek lower production costs. Similarly, primary industries like mining might face their own challenges, from regulation to competition from alternative resources.

Service firms are a vital part of the economy, providing jobs and servicing the needs of both businesses and consumers. Various service industries have their own market dynamics and competitive environments, but they all share the common trait of not producing tangible goods.

User Wolendranh
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