The Question of Economic Choices-Startups: Service Sector Vs Product Sector
Authors
Dr. Ruchi Goyal
Abstract
Startups are young business firm selling some new or innovative product or services. These startup could be product based startup or a service based startup. Both are important for the speedy growth of the economy. Thus it is difficult to choose anyone of them. The choice of the startup is a combination of both depending on the availability of scarce resources. We may reach to an optimum solution by moving on production possibility frontier in the economy. This will help in maximizing our production with the available scarce resources.
Keywords: Product based startups, service based startups, profitability, employability, economic growth, limited resources, opportunity cost, economic decision, production possibility frontier.