Basic Answer
a carpenter sells furniture, whereas an automobile manufacturer sells cars.
Bussiness Answer
a carpenter sells style , whereas an automobile manufacturer sells mobility.
Answer:
Food is need but having fast food from expensive restaurants is want.
Car is considered as a luxury its is a want, travelling from bus is a need.
Having small studio apartment to live is need but buying expensive villa is want.
Buying new clothes is need when old clothes are torn.
Shopping from grocery stores is need, shopping from malls is want.
buying branded shoes is want but having normal shoes are need.
Explanation:
These is difference between human needs and wants. A person may want so many luxuries in life but actually he can survive without buying it. Needs are the things without which survival of a person is risk.
Answer:
b) Paying higher wages can reduce a firm's training costs.
c) Paying higher wages encourages workers to be more productive.
d) Higher wages attract a more competent pool of workers.
Explanation:
Firms will hire more labor when the marginal revenue product of labor is greater than the wage rate, and stop hiring as soon as the two values are equal. The point at which the MRPL equals the prevailing wage rate is the labor market equilibrium.
The idea of the efficiency wage theory is that increasing wages can lead to increased labour productivity because workers feel more motivated to work with higher pay. Paying higher wages encourages workers to be more productive. Higher wages attract a more competent pool of workers. Workers stay with employers longer (instead of seeking out better-paying work with other companies) reducing businesses’ turnover, hiring, and training costs.
Answer: c. Strategy
Explanation:
Strategy refers to the means a person hopes to use in order to get something done. A company's strategy therefore will tell how the company will attempt to reach its goals.
It will tell the plan of action that the company will use and how resources will be allocated to satisfy the requirements of the plan. It will also tell how the company hopes to market its goods so as to gain an advantage in the market and generally everything else that the company needs to meets its goals.
