Virtually every occupation that involves customers contact has an element of personal selling in it. The bureau of labor statistics reports that almost 14 million people are employed in sales positions in the U.S.
Lori is exhibiting a type of bias that is well-known as self-serving bias.
Self-serving bias is defined as <u>distortion in perceptual processes due to the need to maintain and enhance the person’s self-esteem – also known as a person’s tendency to see themselves in a favorable manner</u>. In the case of Lori, when she cannot reach her goal, she blames the poor economy, but when she managed to do it, she attributed it to her skills as a salesperson.
Answer:
Rightward shift in PPC indicates either advancement of technology or increase in the availability of the resources. increase in resources or improvement in technology.
Answer:
Demand is Inelastic
Jack : Substitution Effect dominates
Becky : Buy fewer hiking boots
Explanation:
Elasticity of Demand is responsive change in demand due to change in price. Demand is : Elastic - When proportionate change (% change) in demand > proportionate (% change) in price and Inelastic - When proportionate change (% change) in demand < proportionate change (% change) in price .
So, If price rise by 12% & demand decreases by 10% , Demand is Inelastic.
a. Substitution Effect is consumer's shift from dearer to cheaper goods & so, rise in demand of falling prices good , fall in demand of rising prices good . Jake buying lesser T shirts (relatively expensive) when price of Donuts fall (relatively cheaper) means Substitution Effect dominates for him.
b. Income Effect is price - demand inverse relationship, by change in real purchasing power due to price change. Price rise reduces real purchasing power, decreases demand & price fall increases real purchasing power, increases demand. Becky's paint brush price rise reduces her real purchasing power & she consumes less of both paintbrushes & hiking boots.
The idea that some basic businesses such as steel mills, coal mines and utilities, should be owned and controlled by the government is an indicative of a socialism.
What is a socialism?
It is an opposite of Capitalism because it is an economic system in which a society usually in the form of the government, owns and controls all the means of production.
In other words, it also means the economic and political system that demands the government have a complete ownership and control of the fundamental means of production factories and the distribution of wealth.
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