Answer:
see below
Explanation:
A positive correlation signifies that an increase in one variable results in the other variable moving in the same direction. Because supply and price are positively correlated, a price increase will increases supply. The opposite is also true.
Suppliers are business people whose main objective is to make profits. Higher prices give higher margins. Suppliers make higher profits when prices are high. The possibility of making higher profits motivates suppliers to increase supplies to the market. On the other hand, low prices may result in losses. When prices are low, supplies will shy away from the market to avoid making losses.
Answer:
Lifestyle
Explanation:
Lifestyle is a way of life established by a society, culture, group or individual. This includes patterns of behavior, interaction, consumption, work, activity and interests that describe how a person spends their time.
Answer:
Explanation:
This question puts together two different perspectives based on different goals and metrics: economics and ethics. In economics, self interest is the driving force and productivity is one of the metrics used by managers and shareholders in measuring their profit making. In ethics, doing good for people and creating social value is the goal. The results cannot be measured anymore in units of productivity.
Peter Drucker in his famous book "Management: tasks, responsibilities, practices" says : "To know what a business is we have to start with its purpose. Its purpose must lie outside of the business itself. In fact, it must lie in society since business enterprise is an organ of society. There is only one valid definition of business purpose: to create a customer." That means to create value for society and not to maximize the profit.
I shall add a recent message sent by Richard Branson - the creator of Virgin Group - in his book "Screw business as usual" : Doing good can help improve your prospects, your profits and your business; and it can change the world." But with a condition: in that firm to exist an organizational culture based on positive values and not on profit maximization. In conclusion, ethics may impact positively on performance if and only if there is a managerial philosophy based on ethics and not on profit maximization, and on value creation. In this well-defined context profit and profitability are consequences and not driving forces of the whole business.
Switching costs, number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the bargaining power of buyers.
Switching costs are the costs which are paid by a consumer as a result of switching brands, suppliers, or products. Some companies may employ high switching costs in order to prevent customers from moving to another brand.
Suppose if the customer purchases large volumes of standardized products from the seller, then the buyer's bargaining power is quite high. Also, when substitute of a product is available in the market, the buyer power increases.
Hence, most prevailing switching costs are monetary in nature.
To learn more about switching costs here:
brainly.com/question/15561738
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